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Edited and Published 
> in Paris 

P ri nt ri «^t»g q*ttiv in Paris. 

' . Lndofi, Zurich, Hoot Kong, 

, SwpoK.'Hie Hague, Maiseilfe. 
Newro^ Rome; Tokyo. Fiankhm. 


INTERNATIONAL 




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No.34,017 


28/92 


** 


LONDON, SATURDAY-SUNDAY, JULY 11-12, 1992 


ESTABLISHED 188' 


Is Guilty 
ure 


U.S. Jury Rules in Suit Filed, 
Relatives of Bomb Victims 


C« mpM by Oar Sto# Fran Dupauhes 

NEW YORK — A U-S.juiy on 
Friday found Pan American World 
Airways guilty of ’ViDXul miscon- 
duct" for las security before the 
1988 bootMK of an airliner that 
crashed in Lockerbie. Scotland. 
JdfiingZTQ. 

'■'The jury ruled in favor of the 
relatives of the victims of Pan Am 
Right 103, who were suing the air- 
line in connection with the bomb- 
, fag. The jurors found the airline 
' pity :of- misconduct stemming 
from laxness in.baggage handling. 
Two Ran 'Am subsidiaries. Alert 


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Thomas G. Plaskeit, former 
chairman' of Pan Am, said in a 
statement: “Much of what we do 
know with caiainty about Lockcr- 
bie.was not shared with this jury, 
anil so today's verdict, much like 
the whole affair, remains clouded 
by nttcertainty. We shall endeavor 
through the appeals process to shed 
. some light on this uncertainty." 

:: All 259 people aboard the 
Bodrig..747 and 11 people on the 
ground were killed Dec. 21, 1988, 
When a bomb aboard Flight 103 
from Frankfurt tore apart the air- 
craft shortly after it left London for 
Kennedy Airport in New York. Of 
t jibe victims, 189. were Americans. 

The plaintiffs maintaine d that 
,'l the bomb, concealed inside a cas- 
Sette player, was in a suitcase put 
aboard an Air Malta flight to 
Franldurrfhe bag, they said, was 
transferred to Flight. 
103 by Pan Am employees, who 
failed to note that it was unaccom- 
panied by a passenger. 

The defense argued that the bag 
was smuggled' in at Frankfurt or 
London and that the airline should 
not be held responsible. 

A federal grand jury m Washing- 
ton last year indicted two Libyans 
far feas.refiffied T 

to hand the men over for trial and is 


under a United Nations embargo 
because it has refused 10 cooperate 
in investigations of the Lockerbie 
attack and the bombing of a 
French arrimer. 

The verdict came cm ihe third 
day of deliberations after an 11- 
week trial in U.S. District Court in 
Brooklyn. The assessment of dam- 
ages will be done in another trial 

On Thursday, the jurors had said 
they were deadlocked, but Judge 
Thomas C. Platt told them to keep 
deliberating. The judge had in- 
structed the victims families not to 
talk about the case until after a 
verdict. 

Attorneys for the families argued 
that as the now-defunct online 
sank further into financial difficul- 
ties, it put financial considerations 
ahead of passenger safety. 

But lawyers for Pan Am and its 
insurance carriers said the airline 
was a victim of foreign terrorists 
and should not be held responsible 
for the bombing. 

. The suit sought S300 million or 
marc in damages. The damages 
would be paid by Pan Aid's insur- 
ers even though die airline has gone 
out of business. Under internation- 
al treaties covering airline acci- 
dents, liability damages are limited 
to 575,000 for each victim, unless 
willful negligence is proved. 

Libya, meanwhile, denied on 
Friday that it was behind a report- 
ed face-saving compensation offer 
to families of the victims oT the 
Lockerbie disaster. 

“As we reiterate our sympathy 
with the families of the victims, we 
stress that what has been said was 
groundless," a Foreign Minis try 
source said in a statement carried 
by the official Libyan news agency, 
JANA. 

NBC television reported on 
Wednesday that victims* families 
were being pressed to accept SI 
milli on cadi in a deaf to allow Lib- 
ya to save face by turning over the 
suspects in the attack for trial by a 
sympathetic court ' fReasers, ^Pj 


German Takeover Plan Takes Flak at Fokker 


By Barbara Smit 

Spend to the lien ilj Tribune 

AMSTERDAM — A confidential agreement leaked 
to the Dutch press revealed Friday that the aeronau- 
tics arm of Germany's Daimler-Benz AG would win 
full control of Fokker NV, the Dutch aircraft maker. 

The document contradicted previous assurances by 
Fokker, outraged Dutch officials and brought a mass 
protest by Fokker workers. 

Frans Swantouw, Fokker's former chairman, re- 
signed his seal on the supervisory hoard in a gesture of 
test at the terms of the planned alliance with 
jtsche Aerospace AG, or DASA. 

Fokker and DASA for several months have been 


negotiating a brood cooperation agreement that in- 
cludes DASA taking a 51 percent stake in Fokker. 


While no details have been given, sources close to the 
talks have said DASA could acquire a 51 percent slake 


by buying the 3 1 .8 percent of Fokker shares currently 
held by the Dutch government and by taking up a 
planned 500 million guilder ($294 million) Fokker 
share issue. 

Throughout the talks, Fokker officials have insisted 
that Fokker would play the lead role in the alliance. 

Bui the temporary contract between DASA and 
Fokker. leaked to the' Dutch newspaper De Volkskram 
on Friday, indicated that all the important decisions in 
the partnership would be taken bv the supervisory 
board, dominated by DASA. 

Under the published plan. Erik-Jan Nederkoora, 
the Fokker chairman, failed to obtain any guarantee 
that the construction of the company's F100 and new 
F70 plane would remain in Dutch hands. 

“Assembling outside the Netherlands is not exclud- 
ed. if another location is clearly cheaper," the contract 
said. The only promise obtained from DASA, accord- 


ing to the report, was that the Fokker logo will still be 
seen on the tail of the aircraft. 

Mr. Nederkoora was among those who had firmly 
promised over the Iasi months that he would not agree 
m the takeover unless Fokker retained a leading role in 


the partnership. 

About 2500 workers at Fokker staged a work stop- 
page Friday, demanding to know details of the 


planned deal 
For its pan. Fokker denied the existence of a con- 
tract. calling it a mere discussion paper, and repeated 
earlier statements that it would lead the alliance. 

Analysis noted that, with a 51 percent s take in 
Fokker. the Germans would be logically entitled to 
assert their control over the Dutch company sooner or 
later. “It is completely unrealistic to believe that 
DASA tviij not really rale Fokker while they hare the 
majority of the shares." said Richard Drakenhoff, a 
transport analyst at Pierson. Hddring & Pierson. 


U.S. to Join 

Europeans in 
Patrols Off 


Yugoslavia 


Bush Again Rules Out 
Support for Military 
Action Inside Balkans 



DoqMbrawi 

President George Bash, center, at the 52-nation conference on E w opean Tajikistan, AMja Izetbegovic of Bosnia, Sapammrad A. Niyazov of Turkman- 
seenrity in Hefcmfoi frith, clockwise from bottom left, Rakhman Nabiyev of stab, Suleyman Demire! of Turkey and Francois Mitterrand of Trance. 


By Marc Fisher 
and Don Oberdorfer 

Washington Peat Service 

HELSINKI — U.S. and European warships 
will begin patrolling the Yugoslav coast within 
the next few days as part of anew naval and air 
operation designed to enforce United Nations 
sanctions against Serbia. 

Two defense alliances, the nine-nation West- 
ern European Union and the North Atlantic 
Treaty Organization, announced Friday that 
they would send naval and air forces to the 
Adriatic Sea and the Otranto Channel to find 
ships delivering weapons and other banned 
material to Serbian forces. 

But President George Bush, attending the 
summit meeting of the 52-nation Conference 
on Security and Cooperation in Europe, said 
Friday that the United States was not ready to 
support military moves to stop the violence in 
the Balkans. 

In a television interview. Mr. Bush said be 
was “reluctant to get bogged down, to go storm- ' 
ing into a situation that is very complicated.’' 

The Western European Union will send a 
half-dozen ships, backed by aircraft, all under 
Italian command. NATO lias not yet specified 
its contribution, but Secretary of State James A 
Baker 3d said U.S. ships stationed in the Medi- 
terranean Sea would participate in the action, 
and other administration officials said U.S. air 
support would also be made available. 

The Western European Union said it would ; 
ask military experts to study the feasibility of. 
sending ground troops into Yugoslavia to se- 
cure land routes for the delivery of relief aid to 
the many towns cut off from food and other 
supplies by months of fighting. 

Prime Minister John Major of Britain echoed 
Mr. Bush's skepticism about sending ground 
forces to dear the way for humanitarian aid, 
saying that his military advisers had concluded 
that because of the anarchic nature of the 
Bosnian battles, “it would be very difficult to 
get in, and it would be acutely difficult to get 

OUL” 

Mr. Major said that even if the Western 
European Union decided it could open land 
■corridors for relief efforts in Bosnia, “Britain 
would supply air cover, but we will not be 


‘S- 


For Clinton, a Break With Tradition to Symbolize an Era of Change 


ByDan'Balz 

Washington Past Service 

WASHINGTON. — Bill Clinton cast aside 
many of the old political assumptions in choos- 
ing Senator AJ Gore oT Tennessee as Ms vice 
presidential running male and sent a signal to 
the .Republicans ana Ross Perot that the Demo- 
crats were prepared to contest this election in 
all regions of the country- 

culiure, MrCEritoo opted for the symbolism of 
gmenttional change over the traditions of ticket 
balancing, gambling that Mr. Gore's youth and 
political record would reinforce his “change" 
and economic messages this faB without alien- 


ating Democrats and independents from other 
parts of the country. 

Mr. Clinton’s selection of a fdkiw- southern- 
er, fellow Baby Boomer and fellow Ivy Leaguer 


NEWS ANALYSIS 


may initially leave some dements of the Demo- 
cratic Party — particularly those in urban areas 
of the Northeast — wondering where they fit 
into the Clinton campaign's strategy. 

The Reverend Jesse L. Jackson was decidedly 
cool toward the selection of Mr. Gore. His 
initial reaction was, “It takes two wings to fly 
and here yew have two of the same wing." Ana 
on Friday, Mr. Jackson pointedly sidestepped a 


question about whether he would endorse the 
Uiniou-Gore ticket. 

Asked about that at a press conference In 
Lillie Rock, Arkansas. Mr. Clinton said of Mr. 
Jackson, “He'll just have to make his mind up 
on that just like every other American." 

Mr. Jackson's reaction was out of tune with 
most Democrats, and if Mr. Clinton and Mr. 
Gore must work to energize and turn out the 
Democratic base this fall together they create 
fresh opportunities to hector the Republican 
southern base for the first time in more than a 
decade. 


“This ticket is as good as any ticket at pu tting 
more states into play," said Paul Tully, political 


director of the Democratic National Commit- 
tee. 

On the eve of the convention that will formal- 
ly ratify his nomination, Mr. Clinton finds 
- himself in a deadlocked contest, according to a 
new- Washington Post- ABC News Poll. 

The survey found that President George 
Bush was the choice of 33 percent of all regis- 
tered voters questioned, while Mr. Clinton, who 
led narrowly in the last Post-ABC poll, and Mr. 
Perat trailed with 30 percent. Mr. Bush enjoyed 
a slightly larger advantage among those most 
likely to vote. The president was the choice of 
35 percent of those who said they were certain 
to vote in the fall, while Mr. Perot and Mr. 


CbniOD were both at 30 percent. The poD has a 
margin of error of plus or minus 3 percentage 
points. 

Mr. Perot’s presence in the 1992 race has 
scrambled the electoral map, threatening Mr. 
Bush's support in the suburbs, among white 
men and in the South, white throwing up obsta- 
cles to Democratic hopes of sweeping the Pacif- 
ic Coast and picking up selected Rocky Moun- 
tain stales. Mr. Clinton's decision to team up 
with Mr. Gore was in part an attempt to posi- 
tion the Democrats to compete on this altered 
terrain. 

The Clinton -Gore ticket assures that Mr. 


See PARTY, Page 4 


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---1 


A U.K. Row Over Diaries 

Paper Assailed on Publishing Goebbels 


By Glenn Frankel 

Washington Past . Sermac 

LONDON — The Sunday Tunes, the 
icwspaper that published the bogus “Hitler 
Dianes" nine years ago, is to publish on 
Sunday yet another Nazi offering: the diaries 
of Hitler's propaganda overlord, Joseph 
Goebbels. 

Unlike the Hitler diaries, Ihe question this 
twite isn’t authenticity — experts widely be- 
lieve the diaries are genuine — but rather 


seeking “to lie down in the gutter with some 


of the" - less respectable newspapers." 

The editor of The Sunday Times. Andrew 


propriety. 
The Shu 


* mmJ Shindoy Tunes has purchased the jour- 
nals from David Irving, a far-right British 
historian who has spent much of the past 
decade defending Hitler as a misunderstood 
visionary and seeking to prove that the Holo- 
caust never occurred. 

That Britain’s largest “quality" Sunday 
newspaper has reportedly paid more than 
$140,000 to a man who is the hero of neo- 
Nazis has provoked howls of protest from 
rival newspapers and historians and much 
■ and outrage in the Jewish community 


Neil, while conceding that critics were enti- 
tled to be queasy, insisted that his newspaper 
had a genuinely interesting exclusive and 
claimed that most of ihe attacks were from 
disgruntled competitors. 

“The fact is that The Sunday Tunes is now 

so dominant a newspaper in Britain that it's 
kind of open season on us out of jealousy." he 
said, “They re just using this as a stick to uy 
and beat us." 

Mr. Ned, who has branded Mr. Irving “an 
amateur Nazi," insisted the historian was 


being kept on a short leash. 


Dame Jill Knight, a Conservative member 
of Parliament, accused The Sunday Times of 


Irving, who tipped off the newspaper 

to the diary’s existence in the Moscow stale 
archives, will only do the translation into 
Eng lish of Goebbels' scratchy nearly illegi- 
ble handwriting, Mr. Neil said. All editing 
and interpretation will be done by other his- 
torians, includingProfessor Norman Stone of 
Oxford University. Mr. Irving's views of the 
Holocaust will not appear. 

But critics contend that whether it prints 

See DIARIES, Page 4 


2 Papers 9 Claims to Exclusive Disputed 

David Irving, a British Hiller historian 

i . i-i. i‘ i l _.-.L 


By Barry James 

huemasumal Hereto Tribune 

Ever the propagandist, Joseph Goebbels 
ended up Friday in the midst of a circulation 
war between two British new^p^jeo, each 
claiming a world exclusive on the pubheauon 
of bis diaries. , , , , „ 

But a historian of the period said the daily 

rambling? of Hitler's minister of propaganda 
and soaal enlightenment had long been 
available for anyone wto tawwhere to toot 
for them. In fact, Goebbels s duty for 1945 

was published in l977mGenaan>^wasa 

amJMinHal failure, acco^gw^dCfr- 
sarani, deputy director of the Wiener Libnuy 

^ThThfrary was established in 1933 by 
refegees and exiles from Nan Germany, and 
jsSmportimt source of documentation on 
the Third Reich. 


who is dosdy linked with German neo-Nazis, 
convinced The Sunday Times to pay a report- 


ed £75.000 11143,000) for a copy ol the dia- 
ries, which he said he had found in Moscow. 

Mr. Cesanmi said the Institute of Contem- 
porary History in Munich, a government re- 
search body, has had full access to the Mos- 
cow archives used, by Mr. Irving, and had 
taken copies of everything found there. He 
also said that the institute had a virtually 
complete version that it obtained from East 
Germany in the 1970s, and that this has been 
available to scholars for years. 

: “What the institute earlier had from East 
Germany was not necessarily everything 
from 1944 4o 1945, n Mr. Cesanuti said. 
“There may have been gaps." 

But he said that any new material from 

See SCOOP, Page 4 


Murky Death ofPLO Aide Who Helped the West 


By Jonathan C. Randal 

Washington Pan Semce 

PARIS — Rarely in the Middle East’s endur- 
ing war of the shadows has an assassination left 
so many unanswered questions as the slaying 
here a month ago of Atef Bseiso. the head of 
intelligence operations for the Palestine Libera- 
tion Organization. 

Mr. Bsriso's killing on June 8 stunned West- 
ern intelligence agencies because it was the 
third time a chief PLO intelligence liaison to the 
West had been assassinated. 

Ali Hass an Solameh, known as Abu Hassaru 


was killed in 1979 and Sal ah Khalef, known as 
Abu lyad. in 1991. 

On his visit to France. Mr. Bseiso planned, 
among other things, to meet with the internal 
arm ol the French 'intelligence service, known 
as the DST. sources said. 

Judging by the professionalism of the slay- 
i ng, Midd le East specialists — Israeli and Pales- 
tinian — said the most likely suspect was Isra- 
el's overseas intelligence agency, Mossad. 

Another prime suspect is Sabri Banna, belter 
known as Abu Nidol, who has killed as many of 
his fellow Palestinians as he has Israelis in his 


two decades as what the UjS. State Department 
calls the world's most dangerous terrorist Abu 
NidaL who heads the Fatah Revolutionary 
Council, broke with the PLO in 1973. 

An outside possibility, experts said, is that 
Mr. Bseiso. 44, was killed by a rival PLO group 
_ for overall control of the organization’s 
figence network, which lost its chief when 


Mr. Khalef was assassinated by an Abu Nidal 
agent in January 1991. 

There are few undisputed facts in ihe case. 
But sources in Paris and at PLO headquarters 

See PLO, Page 4 


r. Bus) denied feding powerless to stop the 
Yugoslav bloodshed, saying: “1 don't think 
we're impotent to do anything about it. I think 
that the course we've embarked on is the proper 
raie.” 

President Bush, who has spent the past week 
in Europe — in Poland, at the G-7 economic 
summit meeting in Munich, and in Helsinki — 
returned to Maine on Friday. 

The new sea surveillance emerged from a 
/lurry of diplomatic activity involving a coo/ us- 
ing array of international organizations. The 
Western European Union, whose members are 
also part of NATO, moves center stage in 
European security for the first time, after years 
of rhetoric about relieving the United States of 
some of the burden of defending Europe. 

Foreign Minister Vincenzo Scotti of Italy, 
who called the naval action “the first European 
initiative in the field of defense," said the two 
alliances’ forces would operate under separate 
commands but would coordinate closely. 

The NATO secretary-general. Manfred 
Wdruer, said details of the operation would be 
worked out over the next few days. 

VS. officials said they were glad to see Euro- 
peans taking more responsibility by bolstering 
the Western European Union's role, but they 
welcomed the organization's invitation to the 
U.S.-led NATO alliance to contribute to the 
naval action. 

Mr. Major said the European Union did not 
want to mount a military operation without 
NATO because “it would be dangerous and 
foolish for any of us in Europe to uy to exclude 
the United States." 

The Western European Union includes Bel- 
gium, Britain, France, Germany, Italy, Luxem- 
oouTg, (he Netherlands, Portugal ana Spain. 

The European Union and NATO initiatives 

See CSCE, Page 4 



Kiosk 


Alaska Court Reverses 
Exxon Spill Conviction 


ANCHORAGE, Alaska (AP) — The Alas- 
ka Court of Appeals on Friday threw out a 
misdemeanor conviction against the captain 
of the tankeT Exxon Valdez, source of the 
nation’s worst oil spill. 

Joseph Hazelwood had been convicted of 
negligent discharge of oil and acquitted on 
three more serious charges in connection with 
the 1989 spin in southern Alaska. The ap- 
peals court agreed with defense attorneys, 
who had argued that Mr. Hazelwood should 
be immune from any charges because he had 
reported the spill to the Coast Guard. 


General News 

You can lead a candidate to culture, but can 
you make him think? Page 3. 

Business /Finance 


Olympia & York posted a 
$1-76 trillion loss, five times 
its 1991 shortfall Page 9. 


ii- 'flv.ic 

Up v^. 


Money Report 
Bond analysis, mutual fund 
performance, Germany’s 
market moves. Pages 14-15. 


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LOUVRE MASTERPIECE DAMAGED —“Marriage at Cana," by Veronese, has been rained on, dropped and fora. Page! Crossword Page 4. 


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INTERNATIONAL HERALD TRIBUNE 


FBge2 


INTERNATIONAL HERALD TRIBUNE, SATURPAY-SUNPAY, JULY 11-12, 1992 


Louvre Renaissance Masterpiece, Already Rained on, Is Tom 


By Marlise Simons 

Hew York Tom Service 

PARIS —One of the celebrated paint- 
ings of the Itafiao Renaissance. Mar- 
riage at Cana” by Veronese, has been 
badly jamagad while undergoing resto- 
ration at the Louvre. 

According to museum officials, work- 
ers were trying to raise the huge painting 
when it fdL They said that metal tubing 
Of the support system ripped through iL 
gashing the canvas in nve places. Offi- 
cials said that the three largest tears are 
90 to 120 centimeters long (three to four 
feet). 

The Louvre tried to avoid publicity, 
but word of the accident leaked out 
through the Parisian art world. Irritated 
Loavre curators subsequently brushed 
aside questioners with vague descrip- 


tions, and refused to allow outsiders to 
view the work. 

Now, anxious to reassure, museum of- 
ficials say that repair of the sumptuous 
banquet scene, p am ted in Venice in 1563, 
is under way and should remove most 
traces of damage. The Louvre has none- 
theless postponed its major Veronese ex- 
hibit, planned for September, until mid- 
November. 

The accident, which occurred June 3, is 
all the more embarrassing for what is 
recognized as one of the world's finest 
muse"™, because only two days earlier 
“Marriage at Cana” had been spattered 
by water from a leaking air vent during a 
rainstorm. Officials said the water affect- 
ed only a small portion of the canvas and 
did not cause major harm. 

The Salle des Etats has been boarded 
up, biding the tom painting from public 


view. The Mona lisa, which" bung near 
“Marriage at Cana" was moved in April 
to another gallery. 

Veronese's monumental work — it 

measures 6.77 meters by 9.94 meters — is 

among the largest paintings at the Louvre 
and is considered one of its greatest Re- 
naissance treasures. The grand biblical 
feast, with its rich textures, more than 
120 figures and voluminous columns, is 
regarded as a masterpiece erf the Venetian 
school. 

The accident adds a new chapter to the 
painting's already stormy history, which 
began when Napoleon ordered it brought 
to France as war booty. When his envoys 
plucked it from the wall in the Abbey of 
San Giorgio Maggiore in Venice, they cut 
it in halves for the journey to Paris. 
Patched up again, it spent months 
stashed in a box in the port of Brest 


A Duel Over Race Goes Public 

For De Klerk and Mandela , News-Conference Ripostes 



Airing a late 19th century war. The can- 
vas was once more rolled up and hidden 
daring World War D, when it trucked 
around France to avoid Nazi pilfering. 

Three years agp, the Louvre decided to 
dean it with a SI million grant from the 
French subsidiary of Britain’s Imperial 
Chemical Industries. The decision to 
stem the work of its thick layers of dirt 
and yellow varnish has been followed by 
a constant controversy that echoes the 
fight over the d earring of Michelangelo's 
murals in the Vatican. 

Louvre curators contend that “Mar- 
riage at Cana” had become too somber 
and dirty, the splendor of its colors hid- 
den. But a group of leading painters have 
questioned the restoration, and criticized 
the Louvre for joining what they call the 
“znodenz d ennin g frenzy.” 

Grouped in a newly fanned Assoda- 




tkm to Protect the Integrity of Artistic 
Heritage, the painters have <fan*nrigri a 
moratorium on all restoration ami wrist 
that they should be consulted. 

“This accident is one more reason why 
it should not have been restored,” said 
Jean Baza me, a prominent painter who 
heads the association. Since the accident, 
Mr. Bazaine has asked to see the painting 
but has been refused access. “It’s a scan- 
dal that they cannot secure stefa a work, 
and it’s absurd that we cannot see it,” he 
said. “This painting belongs to the com- 
munity.” 

As museum officials explain it, the 
painstaking three-year-long re stor ation 
was nearly finished last month when 
workers built two metal towers to raise 
the painting. The idea was to place it at 
the same height it was bung m its first 
h o m e, in the refectory of the abbey in 
Venice. 


By Bill Keller 

* New York Turn Service 

JOHANNESBURG — Cyril 
Ramapbosa, former leader of 
South Africa’s black miners, likes' 
to recall the time he showed up for 
a. crucial round of contract talks 
accompanied by a snail platoon of 
miners and insisted that they be 
seated as pan of his delegation. 

Mr. Ramapbosa’ s breach of pro- 
tocol infuriated the wfrite mine 
owners, he says, but it worked. 
Somehow the glower erf 50 burly 
miners tended to keep the negotia- 
tors" focus on the central issues. 
And afterward he had 50 extra wit- 
nesses to help assure his rank and 
file that he had extracted the best 
deal possible. 

Secretary-general of the African 
National Congress and a chief 
strategist in its campaign for ma- 
jority rule, Mr. Ramapbosa now 
appears to be applying a similar 
strategy to the white government of 
President Frederik W. de Klerk. 

Although the congress has for- 
mally broken off negotiations on 
the end of Mute rule, in reality the 
talks have moved from the seclu- 
sion of the conference room to the 
public arena of dueling news con- 
ferences and voluminous public 
“memorandums.” Nelson Man- 
dela, the congress president, sum- 
moned reporters Thursday to re- 
ceive his 24-page rebuttal to Mr. de 
Klerk's 31-page reply to Mr. Man- 
dela's 14 demands for the resump- 
tion of talks. 

Despite a hail of invective from 
both sides, the congress has forced 
the government to give ground, 
clarifying and narrowing differ- 
ences on the transition to majority 
rule. The government has scaled 
back its insistence on a veto for the 
white minority in the writing of a 
new constitution, dropped its de- 
mand for a powerful “senate" in 
which minority parties would hold 


disproportionate power, and ac- 
cepted a sunset clause on the tran- 
sition to democracy. 

The two sides are still divided by 
an elementary disagreement on the 
nature of democracy, and by a 
chasm of mistrust. The government 
insists on a “t ransi tion” constitu- 
tion that would entrench the pow- 
ers of regional authorities against 
the new black majority. The con- 

NEWSANALYSIS 

grass regards this as a formula to 
immunize minority enclaves 
against majority rule. 

The standoff could yet explode 
into insurrection and repression. 
But on the whole, news-conference 
diplomacy seems to have brought 
the adversaries closer to an agree- 
ment than they were when talks 
deadlocked in May. 

The congress’s strategy has pro- 
duced other grins, too. It has won 
Mr. de Klerk’s grudging approval 
for outside observers, including the 
United Nations, to play some kind 
of coffidence-buildmg role. It has 
increased public pressure on Mr. de 
Klerk to curb township violence. 

The threat of confrontation has 
galvanized business groups. 
churches, politicians and editorial 
writers in a furious effort to re- 
create the lost climate of trust. It 
has also helped the congress shore 
up its own constituency by quelling 
the township whispers that Man- 
dela & Co. was losing touch with 
the grass roots. 

David Welsh, a political scientist 
and negotiations adviser to the lib- 
eral Democratic Part}-, said the 
deadlock, along with revulsion at 
the killings in the black township of 
Boipatong Iasi month, has also di- 
minished Mr. de Klerks interna- 
tional stature as South Africa’s pre- 
dominant peacemaker. 


“De Klerk can no longer swan 
around the globe as the much-feted 
hero of the transition,” Mr. Welsh 
said. 

Neither Mr. Mandela's congress 
nor Mr. de Klerk’s government has 
much future without negotiations. 

Until he has enfranchised the 
black majority, Mr. de Klerk 
stands no chance of winning do- 
mestic peace or foreign investment. 
He can bold power indefinitely, but 
over a country with an anemic 
economy an d with epidemic vio- 
lence that will not forever be con- 
tained within the blade townships. 

Mr. Mandela also needs the ne- 
gotiations. No one on his side ex- 
pects the heavily armed white gov- 
ernment to fall to a damor in the 
streets. So far, both rides have con- 
ducted their brinkmanship at a re- 
spectable distance from the brink. 

Mr. de Klerk derides his adver- 
sary as a “captive” of “insurrec- 
tionists” in tire Communist Party 
and the black unions, and hints at 
harsh measures to prevent chaos in 
the country. But he has taken no 
such measures, and has scattered 
concessions among his rebukes. 

Mr. Mandela, in tom. paints Mr. 
de Klerk as duplicitous and intran- 
sigent, boycotts the bargaining ta- 
ble, and declares a stepped-up cam- 
paign of protests, strikes and civil 
disobedience. But he backed off a 
threatened sports boycott that 
would have endangered South Af- 
rica’s eagerly awaited reentry into 
the Olympics. He has refused to 
endorse a rent strike. Despite some 
radical counsel, he has kept his de- 
mands flexible: 

The gravest threat Mr. Mandela 
has endorsed is a general strike by 
the Congress of South African 
Trade Unions, which vows to ren- 
der the country “ungovernable." 


■&*S. 

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Irish Women Get a Clarion Call From Liberation Leaders 


By James F. Garity 

Special to die Herald Tribute 
DUBLIN — Fresh from one 
more invigorating defeat — this 
time at the Earth Summit in Rio de 
Janeiro — Bella Abzug arrived in 
Dublin as articulate and pugna- 
cious as ever, determined to en- 
courage the women, of the world. 


and especially of Ireland, who are 
among the least liberated in Eu- 
rope. 

Ms. Abzug and another giant of 
the American liberation move- 
ment, Betty Friedan, were joining 
several dozen other women leaders 
at a conference called the Global 
Forum of Women, at which the 


leaders are sharing their tactics and 
strategies for gaining and using 
power. 

They picked Ireland largely be- 
cause of the growing prominence of 
Mary Robinson, who became the 
cram try’s first woman president 19 
months ago. Mrs. Robinson, who is 
now constitutionally forbidden to 


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mix in politics, had achieved a solid 
record on feminist and human 
rights issues as a member of the 
senate and a lawyer. 

Her country is in the midst of a 
national debate on abortion law, 
which is more restrictive here than 
that in most Western countries. 
Hie parliament just lowered the 
legal age for buying condoms to 17, 
but sales in vending machines are 
still forbidden, and there is no di- 
vorce. The binh rate is declining 
but is still the highest in the 12- 
member European Community. 
Goty 30 percent of married Irish 
women have jobs outside the home, 
the lowest rate in the Community. 

“Something drastic has to take 

S lace,” Ms. Abzug said of the con- 
ition of women in the world. 9 k 
said that at the Rio summit meet- 
ing, women and their ideas on envi- 
ronment were Largely ignored by 
male officials and news organiza- 
tions. 

Generally, she acknowledged in 
an interview, she was disappointed 
that after 25 years Of campaigning 
in her own country, womenhdd 
only 6 percent of the seats in Con- 
gress, 2 in the Senate and 28 in the 
House. Even the Irish parliament, 
•with 13 women deputies out of 166, 
has a higher ratio. 

Ms. Friedan told the opening 
session of the conference on 
Wednesday, “It's not a matter of 
women against men, bnt women 
are an the cutting edge” of issues 


such as the environment and abor- 
tion and sexual harassment. Irish 
women in the audience spoke out, 
often in anger and pain. 

One woman described bow 
women with cancer were dying in 
agony because doctors refused 
them painkill ers, or chemical treat- 
ments of their tumors, in deference 
to protecting their fetuses. Another 
told bow, in campaigning against 
the nation’s strict anti-abortion 
law, she had been called “a lesbian 
murdering bitch.” 

“We have to penetrate the World 
Bank,” said a woman who said she 
had worked in Africa and seen an 
aid project that installed toilets 
where there was no water. A mid- 
dle-aged woman said that die had 
been married to a wealthy man, but 
that when she left him, taking with 
her their six children, she was left 
poor under national laws of prop- 
erty. 

Tm cleaning for middle-class 
ladies now,” she said. Another 
woman said the image of women as 
leaders had been hurt by former 
Prime Minister Margaret Thatcher 
of Britain. “Thatcher was to the 


poor what Hitler was to the Jews, 
Catholics and Gypsies," she said. 

There was brief discord; a wom- 
an said that the conference was in a 
fancy hotel Jury’s, where Irish 
working-class women never go. and 
that many could not afford to pay 
for the lectures. The orcanizers said 
they had provided 100 free places 


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rynBT.T) BRIEFS 

HnlAlPSStratal»fi^^fc‘ J ,‘ 

.of a Tokyo M ^ jjd been overseas. The North . 

was unable to say whether tl^^n ^ ^ Japan. 

American stram of tospreadin Jawiv the 

“There is a chance the to IhailanilwhErc . 

official said. Many Japanes e uaa a jboiBands of That woraen- 

AID5 is spreading 


Japanese AIDS camera and patents at roe cnu « - • 

Russia POW Inquiry Awaits Data 

MOSCOW (API There is no new evidence that Am erican 

^^sssstssa sasssri 

been withheld. . - „ ,»* „ r i s .Rn<«i«n c mnmk - . 


renew ail the avauaoie aranves. «< 

General Voftogonov told the 
Friday that despheTpkdge of cooperation from tire 
KrtSs, «£TSf IheVSnsed miuvc wSW 


coanmsson, whose co-ctiaaman is a ^ ^ * 

Miirrdm Than. General VoOrogonov hinted that someone migte be 

keeping the material to sell it later. 

Iraq Urges UN to Curb Inspection V 

inrired m a standoff with Unrtal 


iraae unions, wnicc vows w ren- 
der the country “ungovernable.” S'Sfc 

The starting date is Aug. 3, which 
may leave time for the two tides to . JctaftAani* 

cool off and resume talking. Nelson Mandela (effing reporters that the ANC has rejected Preadoit de Berk’s cafl for talks. 


for such women and child-care fa- 
rilities. 

One of the guest speakers, 
Frances Kissling, president of 
Catholics for a Free Choice, urged 
the women to stay in the church, 
even if it is perceived as the enemy 
of women's rights. 

“Do not desert organized reli- 
gion,” she said, “and leave rim the 
hands of die yahoos.” She added, 
“Jesus Christ did not tit around 
waiting for a loan from the Europe- 
an Community.” 

But the most powerful figure of 
the session was Ms. Abzug, 72, 
walking a bit stiffly, stiB wearing a 
jaunty hat, stiB tatting firmly, still 
slicing the enemy with the deftness 
and conviction of Cyrano. 

Irish women politely waited to 
shake her hand, to chat fra a min- 
ute, to be photographed with her. 
&te had memorized enough Gaelic 
to say “Greetings my sisters, from 
the women of the world.” 

Ms. Abzug gripped the lectern 
with one hand, gettured with the 
other. Calling once again for wom- 
en to seek power, she said, “We 
have less than 15 percent of the 
places in the legislatures in the 
world.” 

Of what’s wrong with the male- 
run world, she said: “They didn’t 
let us in, so we had nothing to say 
about it Some scientists say the 
world is bunting itself out, so time 
is short.” 


said Friday that the activities of such teams 

team, headed by Major Karen Jans® of the U£. Anity. mto the 
Agriculture and Irrigation Ministry, where diptomaCs say tca^ - 
suspects Iraq has stored information about ballistic imsslre. The Iraqis . 
refused andhave so far shown no sign that they wffl back down. . ... * 

Bush Renounces 'Sleaze Business’ 

HELSINKI (AP) ■— President George Bush said Friday he had ordered. /* 
his tides to stay out the “sleaze business” of the pretidentialdomon ;• 

also stid camp ai g n lawyers had asked one of his yaBSodf -. 
supporters to shut down a phone service on which caBere am hea r alleg ed . 

“inornate conversations” b etween the Democratic no mine e,. G oWDQC 1 
Bill Climon of Arkansas, and Gennifer Flowas^wfeb citimed to havehad 
an affair with him. ; ■ j- : : t- . •. 

“I sent out written instructions to stay out of the tieare business thtiso -, 
many people seem to be fascinated with and I hope our ca m paig n isfnBy 
co mp ly ing with that,” Mr. Bush said. Thepreadent said his campaign 
had no legal recourse to stop the Gmton-Ffowers call being offered by 
Floyd Brown, who hods a political committee called Presidential yictory . 
Fund that has vowed to speaid $10 million on Mr. Bush’s re-electioiL - 

Cuba Approves Freedom of Worship - 

MEXICO CITY (UPI)^ —Cuba’s National Assembly approved ooosti- ^ 
tu tipnal changRR tifo wfa g freedom of worship for the first time tinCC the 
1959 revolution, Cuba's official news agency Prcnsa Latina said Friday. . 
The 463 assembly members approved an amendment m which “the state . 
recognizes, respects and guarjmtces the freedom of religion,” the news . 
agency said in a dispatch monitored in^ Mexico City. 

For the Record 

Rich Hoeedter, the former East German leader, will soon end his 
refuge in the Chilean Embassy in Moscow, Chile’s foreign mhtistei said ... 
on Friday. Enrioue Silva Cimma said he expected the case to be resolved 
when President Patricio Aytwm returned to Chile on July 27. (Reuters) 

TRAVEL UPDATE 

EC Warns Banks on Customer Fees 

BRUSSELS (Reutm) — TheS: djmmission, flooded with consomer 
f complaints, told banks and money changers Friday that it would damp 
down with European Community laws if they failed to mftkelife simpler ... 
fra easterners and tourists. 

Tltewiintii^fonowedtherei^ofastDctybytheEnippeanConsiHn- 
ers Organization that said persistent calls oc banks to publicize the often 
hefty fees fra checks and cash cards or changing currencies had been 
ignored. 

A “users charter” proposed by the EC Commission in March to get • 
banks to give dearer information on prices and commissions “was a dear 
step backward,” the consumer group said. Ihe Cranmissictti said it would 
cootiderlegidative measures if banks failed to change the situation by the 
end of the year. ... 

Vaocmafions agaawt pub for some travelers to Spain —where 
the Olympics begin July 2 6 — are raged because some strains of the 
disease found there arc resistant to antibiotics. The U.S. Centos for 
Disease Control said people at risk fra developing pneumonia — those 
with heart disease, lung disease, diabetes, chronic hdney failure or who 
have had tbeir spleen removed — should get vaccinated . (Reuters) 

Bordeaux dock workers strikmg over new labor laws blocked access to 
the French prat for the second day Friday. (Reuters) 


The Weather 



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North America 


Europe 


Steamy heat wO toast (he London and Parte wffl be 
Adando coast from north- moa* cloudy and windy 
em Florida to New York Sunday. Sumy, pleasant 
C&y through Tuesday, weather w> return early 
"Ihwiderotamte may mote next week. A stow-fnwftn 
Kansas Cfty. CWamo, De- storm wffl M» soaMno 
ml and Toronto Sunday rein to Scotland and wes£ 


and Monday. Montfhg low am Norway Sunday u 
doufc wW grey Southern Monday. Southwest E 
Ctffwria. rope wffl be quite wwm. 


Asia 

Rain la fflcaly bt Tolwo SU> 
day. and * may shower kt 
Korea and w es tern Japan 
wBh n ormal summert i me 
wamdh. Showers front 
Ttopfcal Stonn a may 
ranch Hong Kong Morei^. 
Thunderstorms wffl break: 
out daly as usual In Stoge. 
pwa and Bangkok. ' 


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23/73 
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23/73 asm iftso 

26/70 
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* 7 - _ 







r. . By Michael Kelly 

&*" York Tuna Strut* 

.. N^YORK-— Pity the presidential candidate of 1992. 

' dawn to AaSSilat 

v fectcgplc; ^^^aposhkraonevTryp<KsibkissM; 
liatlKU at aD , tunes and maD ways pKSMuMe* chat he 
■ hwapn^-rwerente for ihc past 

- tto^«co«ervatrve but 


,io«s who control pieces of his party 
; : He anst also have Culture. 

Hc-nas. Jwye tastes in bterat ore, classical music, popu- 
- to song, tsama, television, an and tbeatcr. BferoSbc 
-• abfe.to articulate and defend those cht tic*;. 

: I^-Ls laf^y John F. Kennedy's fanh. Before hire, 

S W * d ^5^?‘te CS,d ^5 al “«*■*“« could be without 
y * danariaUeC^uire. Theodore Roosevelt's chief coltw- 

' ti ? “fflnaJs caught unawares. 

Jl Vwfrt D. Esatonm made golf a culture. Hany S 
v. Traman won the Mcbmn of a grateful nation when he 
'• SS5S SJ” 1 * a rausic cnwswbo had panned his 


INTERNATIONAL HERALD TRIBUNE. SATURDAYS rnvn ay ni.Y li.ii i<w? 1 


for the Presidential Candidate? It’s Prescribed, but Not in Lethal Doses 




Pection 


ipS*s 


& J® fctol 


. Bpt-Mr, Kennedy, in building the first anW greatest 
vote* prc^cncy^ evened *e door Jo Pa Wo 

at*sssaaj 

ctaapansxm. Every president since then has been obfond 
tepot tm some sort of airs, and the racefor the presfcteuy 
has ccsne lo icdode a cultural IQ test. 

Theprobfem, from the ca n did at e's point of view, is that 
Culture is tncky territory. While lowbrow is unacceptable, 
highbrowis at feast as bad. The political-cultural ideal is 
ioJfflve something for everyone, without offending any- 

Tbcy must like movies, bat not be students of the 
aneraaj/Iliey must show an appreciation of classical 
nms^Wtt very restrained, and none at aH for that atonal 
stuff. They must enjoy going to a nice play now and then 
but had better not be devotees of the theater. 

Ther read books but do not discuss literature. They 
should know enough about art to know what they like; but 


not much more. They should not look baffled at the 
mention of Aristophanes, but neither should their eyes 
light up at a mention of Sartre. 

Bodes are the greatest problem. Leaders don't read 
books. Bat then Americans don’t read books either. 

On the other hand, a preademnl candidate cannot 
declare himself not to have read a bode in years. The 
middle path lies in reading veiy little, but of the right sort 
George Bosh is good at this. His stated tastes ran to the 
son of book any fellow might be forgiven for reading — 
Too Clancy's “Red Storm Rising” —and to good, solid 
biographies. 

Gdture and Democrats 

B21 Qmum's case is far more difficult The Democrats 
have always bad a special problem with Culture, and 
books are auhe crux of that problem. 

The [act is that there are intellectuals in America, and a 
disproportionate number got themselves into the inner 
workings of the Democratic Party some time back and 
have flourished there. For them, a candidate must not only 
talk the egghead talk; he must read books and make no 
bones about it 

Mr. Clinton, awaiting nomination as the Democratic 
candidate, has shown a much firmer grasp of the politics 
of literary taste. He admits to reading a lot, but his choice 
of books is inspired. 

“He usually has three going," said his press secretary. 
Dee Dee Myers. “One; a policy book, like Toro Edsall’s 
book on race, 'Chain Reaction,’ or EJ. Dionne Jr.'s book, 
‘Why Americans Hate Politics.’ " (Those are homework; 
it's his duty to read them.) 

“He's usually reading a biography, Abraham Lincoln. 
Winston Churchill,” she said. (Biographies are always 
safe, and biographies of great democratic leaders safer 
still.) 

“One boojk is always a spy thriller, wha lever's on the 
best-seller list,” she added “He’s read all the Clancy 
books.” (Clancy again; the red badge of regular Joe- 
hood.) 

Shifting ground Ms. Myers said that Mr. Clinton had 
recently had a conversation about the writings of Marcus 


Aurelius and St. Thomas .Aquinas. Indeed, she said, he re- 
reads "The Meditations of Marcus Aurelius" every few 
years. 1 

A more dangerous admission is his claim that his. 
favorite novel is Gabriel Garcia Mirquez's extravaganza 
of magic realism, “One Hundred Yean of Solitude.'* a 
book that is not only highbrow but. for most readers, 
furrowed brow. 

The maverick contender Ross Perot admits to even 
more unusual tastes in books. He is, above ail, taken with 
books about himself; “On the Wings of Eagles,” Ken 
Pollen's authorized account or Mr. Perot's 1979 mission 
to rescue two employees from an Iranian prison; “Ross 
Perot in His Own Words." and “Irreconcilable Differ- 
ences; Ross Perot vs. General Motors,” by Down P. 
Levin. 

Mr. Perot’s office also contains an eclectic trio of books 
that he says have taught him much about life: “The 
Lessons of History.” Will and Ariel Durant's once-over- 
lightly of the world's large events; a slightly peculiar self- 
help manual for businessmen called “Leadership Secrets 
of Attila tbe Hun," and, most unsafe, the Little Red Book 
of Mao Zedong. 

Mr. Perot also owns the only copy of the Magna Cana 
ever taken out of Britain, purchased in 1984 from a 
relative of Lord Cardigan, of Light Brigade and sweater 
fame, for SI. 5 million and lent to the National Archives. 

The Secret Opera Fan 

In music. President Bush displays much passion for 
such country-and-westem stars as Loretta Lynn, Lee 
Greenwood. Crystal Gayle and tbe Oak Ridge Boys, all of 
whom have shared campaign platforms with him. His 
emergence as a country-and-westem fanatic came during 
the 1988 campaign, about the time he confessed to a 
fondness for pork rinds. 

Id 1990, shortly after it was revealed that the president 
actually preferred popcorn to pork rinds, his down-home 
image suffered a further shock when Mrs. Bush revealed 
that, in their home, the Bushes actually listened to opera. 

For Mr. Clinton, music appreciation is a trickier busi- 
ness. Just as there are intellectuals in America, so are there 


young people, and it is a tenet of Democratic politics that 
the young are a critical element of the panv's coalition 
strength. 

Thus it was that Mr. Clinton found himvlf recentlv 
with shades and sax on “The Arsenio Hall Show." answer- 
ing questions on MTV and submitting to an interview with 
Rolling Stone magazine. 

It was iu this interview that he showed just how careful 
be is m treading cultural waters. .Asked the defining 
cultural question of his generation — Who was better, the 
Beaties or the Stones? —he replied: “Well they’re totally 
different To try to compare, as Shakespeare once said, is 
odious. These arc unique people ” 

In the same interview, Mr. Clinton retired the champi- 
onship award for universality, praising couniry-and-west- 
em music, swing, rock. soul, rhvihra-and-blutt. jazz, gos- 
pel classical and rap. * 

Perhaps Ross Perot will get the polka vote; growing up 
in Texarkana, he was in an accordion band. 

Treacherous Area 

Television is perhaps the most treacherous area of ail 
Culture, with the highbrow yin of the Public Broadcasting 
Service and the lowbrow yang of the Fox network sharing 
the medium. 

But most of television is perfectly middlebrow, and 
once again, Mr. Bush steers a safe, sure path down the 
center. His favorite shows, according to his campaign 
press office and other sources, are “Monday Night Foot- 
ball” “60 Minutes," “America’s Funniest Home Videos" 
and “Murder. She Wrote.” He has objected in general to 
“filth on television ” and in particular to the Fox net- 
work’s animated series “The Simpsons." 

Mr. Clinton’s campaign managers said that their candi- 
date did Dot watch much television, but that his favorite 
shows, when he did watch, were “Designing Women" and 
“Evening Shade.” both produced by the Arkansans (and 
Clinton friends) Linda Bloodwortb-Thomason and Harrv 
Thomason. 

When it comes to movies, presidential candidates, and 
presidents, are conspicuous Tans of war and adventure 
yarns. Mr. Bush’s favorite is another World War II epic. 


“Tbe Longest Day,” although he is most frequently assod-* 
ated with the Terminator. Arnold Schwarzenegger, who- 
campaigns for Mr. Bush as he did for Ronald Reagan. ‘ 
Mr. Clinton's press office countered by saying their: 
man had seen “Patriot Games.” which, bring based on a- 
novel by the presidential favorite Tom Clancy, counts as a! 
twofer. • 

Other than action flicks, Mr. Groton is credited with,’ 
having taken his daughter, Chelsea, to see two movies* 
recently. “Enrino Man” and “Hook." 1 

Mr. Bush may be too vivacious a moviegoer to have a; 
favorite. The Bushes, who play movies on their videoca-. 
sette recorder (which Mr. Bush calls the “V”). have spokenj 
of enjoying everything from “The Little Mermaid” id 
’’Henry V,” from “Glory" to “Preuy Woman,” the latter 
being about as daring as presidential moviegoing gets. \ 
Mr. Perot, however, wins the category without even; 
trying; he is Uk only candidate with a war/ad venture 
movie about himself, “On Wings of Eagles,” the television; 
dramatization of the book. , 

In the oieeory of an. Mr. Perot shines. He not only 
owns a great deal more an than Mr. Bush or Mr. GimonJ 
what he owns is in perfect political taste. In his offices are:* 
bronze models of the Lincoln Memorial the Some of 
Liberty and the I wo Tima memorial; a Gilbert Stuart 
painting of George Washington (the only one outride a 
museum}; the Revolutionary’ War painting by A.M. Wil- 
lard known as “Tbe Spirit of ’76": a bust of John PlauJ 
Jones and another of Teddy Roosevelt; a tableau of 
wooden birds carved by an artist who received bis early 
training in an orphanage, and a painting of a schoobouse 
done by a quadriplegic. 

Dominating all this, though, is the work of the quintes- 
sential middlebrow American artist Norman Rockwell 
The idea behind d emandin g catalogues of Culture from 
tbe men who would be president is to provide some son of 
window into their secret selves. 

Bui not even men who are driven enough to go through 
the ordeal of a presidential campaign want to expose 
themselves before 230 million people. What they hold up 
in front of themselves are not windows, but minors. 


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T1pperGore,left, and Hjflaiy Gm*on, whose hnsh a nris are Democratic ranting mates, at a gathering in Utile Rode, Arkansas. 

Gore’s Flop in ’88 Taught Lessons for ’92 


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By Richard L. Berke 

iVew Yoric Times Service 

WASHINGTON — Hewon sev- 
en primaries and caucuses. He was 
one of only three Democratic con- 
tenders stiG standing after the ma- 
jor Southern contests. But the most 
memorable moments of Senator Al 
Gore’s failed bid for president in 
1988 were his most humiliating. 

Campaigning before tbe New 
York primary, Mr. Gore aligned 
himself with New York City's may- 
or, Edward L Koch. But every- 
where he went he would cringe as 
be was overshadowed and over- 
whelmed by Mr. Koch's attacks on 
the either two candidates, Michael 
S. Dukakis and tbe Reverend Jesse 
L Jackson. 

And.' the Tennessee senator's 
own attacks on his rivals —encour- 
aged by Mr. Koch — led Governor 
Mario M Cuomo of New York to 
condemn Ins campaign style as 
“terribly dangerous.” 

That was the beginning of the 


end. Mr. Gore finished third in 
New York and, two days later. 


lacked focus and always seemed 
short of money. 

The senator’s performance so 
dismayed Stanley Greenberg, now 
Governor Bill Clinton’s poll-taker, 
that he told The Washington Post 
at tbe time: “1 would have thought 
that his purpose in running, given 
his age, was to position himself for 
the vice presidency or fora future 
run. I can't see where other one of 
his goals was enhanced.*' 

But other Democrats said that 
Mr. Gore's experience with the da- 
ms of a national campaign made 
him more attractive as Mr. Clin- 
ton's naming mate. 

“Nationally, it took him a while 
to get his voice," said Representa- 
tive Thomas J. Downey, Democrat 
of New York, who is dose friends 
with Mr. Gore and can his cam- 
paign in the state. 

‘The campaign didn’t have tbe 


Perot Hopes to Name 
His No. 2 Next Month 


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By Michael Isikoff 

Washington Past Service 

DALLAS — Ross Perot, who 
has beat buffeted by a series of 
critical news reports in recent 
weeks, is beefing up his campaign 
operation and hopes to select a run- 
ning mate by next month, accord- 
ing to -Tom Luce, his campaign 
. chairman. 

Mr. Luce said that two Top aides, 
HamDtoa Jordan, a co-man ag e r of 
the Perot campaig n , and Morton 
Meyerson, a senior adviser, were 
reviewing potential vice presiden- 
tial candidates and that a target 
date lor the selection has been set 
far mid to late August. 

Mr. Perot also heroes to hold 
some sort .of national convention 
riming the same period, Mr- Luce 
arid Another campaign aide said 
the effort most likely would consist 
of a series of muri-conventions, 
perhaps connected by tdeviaon, as 
a way of emphasizing the grass 
roots nature of the Perot move- 
ment. 

Mr. Perot's selection oflus nro- 
ning mare — and his ability to 
recruit one who wD be widely rc- 
Ksrded as credible — & considered 
one of the roost critical tests of his 
unorthodox, independent candida- 
cy. But Mr. Luce gave little insight 
into bow Mr. Perot was managi ng 
the search, other (ban to say the 
canroaign was conducting active 
“research” on possible choice. 

A -handful of states have early 
Angost deadlmes for filing the can- 
didates’ names, but Perot cam- 
paign officials have sa id th ey be- 
keve they would have a strong legal 
case to challenge any deadline that 
{needed iheoose. of the Republi- 


can National Convention on Aug. 

20 . 

Over tbe last few weeks, the 
Perot campaignJuts been struggling 
to respond to a series of unflatter- 
ing news articles about Mr. Perot’s 
past, his business dealings and his 
vague, and sometimes contradic- 
tory, comments on policy ques- 
tions- 

Mr. Perot displayed his apparent 
frustration over the reports when 
he was asked about a New York 
Times article detailing his use of a 
private detective during a business 
dispute in the early 1980s. 

“Everybody is writing every 
fruit-loop story in the world with- 
out responding to tbe facts,” Mr. 
Perot said, “what would you ex- 
pect? Ninety- nine percent of these 
stories are just elves across the ceil- 
ing." 


ESCtiM 

Paris Left Bank 

NEW 

FALL WINTER 
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Marie-Martine 

8, ruede Stores, Paris 68i 

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money and didn't have the organi- 
zation it should have bad. He 
emerged without victory, but in 
better shape than anyone else. I 
don’t think there is any school that 
could prepare you for the crash of 
publicity, the press of the cameras, 
the jockeying and screaming re- 
porters, than trial by fire." 

Lany Hareington. Mr. Gore’s 
political director in 1988, said that 
as the campaign wore on, the sena- 
tor became “much more fluid in 
talking about issues, much more 
comfortable on bis feet and staying 
on the message.” 

Indeed, if there is any truth to 
the notion that you learn more 
from what you aid wrong than 
what yon did right, then Mr. Gore 
benefited greatly from his quest for 
the White House. 

He seemed like a perfect candi- 
date on paper: a smart, young, 
well-connected family man with 
moderate political views. He won 
the early support of many leading 
Democratic fund-raisers. 

But his biggest success also 
.brought about his undoing. He fol- 
lowed a risky strategy of not cam- 
paigning in the opening Iowa cau- 
cuses and the New Hampshire 
primary, devoting his resources to 
his Southern base. He won five 
Southern primaries, but the tilt 
never materialized because he did 
not do well enough to overwhelm 
his rivals. 

It only got worse. Mr. Gore had 
been so preoccupied with the South 
that be had no strong organizations 


elsewhere. His campaign began 
throwing money into other states, 
but it did not seem to haye an 
effect, except to plunge the organi- 
zation $1.6 million in debt. 

Mr. Gore was also faulted for 
seeming to redefine himself 
through the campaign, alternately 
portraying himself as the progres- 
sive environmentalist, the champi- 
on of the blue collar and downtrod- 
den, the moderate from the South, 
and, in New York, the defender of 
Israel with foreign policy stands 
slightly to the right of his rivals. 

In New York, his message be- 
came entangled in his alliance with 
Mr. Koch, which the senator's 
aides viewed as critical in recharg- 
ing bis floundering campaign and 
wotting Jewish and moderate sup- , 
porters in the New York. But oppo- 
nents accused him of pandering, j 
and stirring up divisions between 
Mr. Jackson and Jews. 

After he dropped out, Mr. Gore 
mended fences quickly, tie cam- 
paigned eagerly for Mr. Dukakis, 
and had restored their relations to 
the point that he was considered as 
a possible running-matt Mr. Gore 
also paid ofl his campaign debts by 
the end of the year. 

Mr. Greenberg, who backed Mr. 
Dukakis in 1988 and portrayed Mr. 
Gore as damaged goods, has 
changed his tune. 

“The whole reception to his can- 
didacy today has been free of skep- 
ticism,” Mr. Greenberg said. “In 
large part because he ran before, 
he’s tested and experienced." 


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Mrs. Gore and the Family Values Vote 


By Karen De Witt 

.Veil Y,irk Times Service 
WASHINGTON — When Tipper Gore 
began a campaign against violent and sexual- 
ly explicit record lyrics seven years ago. her 
crusade was widely viewed as an inappropri- 
ate call for censorship. 

But with the recent uproar over the lyrics 
of rap artists, including Sister Souljah and 
lce-T, and calls from the White House for a 
return to family values, Mrs. Gore, 43, now 
looks politically prescient 
She may gain new visibility now that her 
husband. Senator Al Gore, has been chosen 
as BUI Clinton's running mate. She could 
provide useful counterpoint to Vice President 
Dan Quayle. who has been offering his view 
of family values as a campaign theme. 

Mrs. Gore was one of four well-connected 
Washington wives and mothers who formed 
Parents Music Resource Center and pressed 
for warning labels on records with violent or 
sexually graphic lyrics. 

Among performers whose work they found 
offensive were Prince, Sheena Easton, Twist- 
ed Sister, Motley Crue, Cyndi Lauper and 
David Lee Roth. 

“I’m a fairly with-it person, but this stuff is 
curling my hair,” Mrs. Gore once said about 
rock lyrics. 


The mother of four, she came to personify 
tbe movement, especially after testimony be- 
fore a Senate commerce panel in which she 
rolled [or a voluntary rating system f or re- 
cords and videos, h earned her the ire of the 
entertainment industry . The rock performer 
Frank Zappa, for instance, attacked Mrs. 
Gore and the other members of the group as 
“cultural terrorists.” 

Initially, her husband was opposed to her 
involvement, but by the time she testified Mr. 
Gore, a Tennessee Democrat, was support- 
ive. He said she had convinced him that her 
campaign did not infringe on the Fust 
Amendment 

Mrs. Gore went on to write a book titled 
“Raising PG Kids in an X-Rated Society.” 
expanding on her ideas about the influence of 
popular culture on young people 
During Mr. Gore's brief 1988 presidential 
campaign, his wife was on her book promo- 
tion tour. Asked whether she thought her 
point of view would help or hurt her husband. 
Mis. Gore said that was irrelevant. “In the 
book I am speaking for myself, and in his 
presidential race my husband will speak for 
himself,” she said. “We’re a two-career fam- 
ily” 

■ Concern in Hollywood 

The Los Angeles Times reported from Hol- 


lywood that some Democrats expressed con- 
cern that Mrs. Gore's mid-1980s fight against 
suggestive lyrics could resurface as a cam- 
paign issue over censorship, now that hex 
husband has been tapped as the Democratic 
vice presidential candidate. 

With the entertainment community reeling 
from a series of attacks, particularly on tap 
music lyrics that appear to advocate the trill- 
ing of police officers, some said that S ena tor 
Gore's presence on the ticfcei might represent 
an attempt by Mr. Clinton to exploit Mis. 
Gore's position on rock lyrics and to show the 
Democrats' support for family values. 

“When I talk about Al Gore, the fust 
reaction is: ‘He’s great on tbe environment,' " 
said one organizer of Hollywood pohtiro] 
events. “And the second is: ‘What about 
Tipper? It’s too bad he's got Tipper.'” 

“The music side of the industry is a partic- 
ularly rebellious one, with a long memory, 
and she is definitely viewed as one of the 
great villains to come along,” said Irving 
Azoff, owner of Giant Records. 

He said that part of the “attack that we in 
the record business fed we’re undergoing ai 
the moment was a direct result" of Parents 
Musk Resource Center's early efforts. “I 
think there will be a certain backlash in (he 
industry — not because of him, because oi 
her." 


0The US. election 
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INTERNATIONAL HERALD TRIBUNE 




*4 


‘Page 4 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 11-12, 1992 


i I 


In Sarajevo , They’d Rather Have Arms 


By John F. Burns 

New York Times Service 

SARAJEVO, Bosnia-Herzegovina — As 
the United States and other Western nations 
continue to debate ways of protecting and 
expanding the United Nations relief effort to 
this besieged city, Sarajevans are thinking less 
about their hunger than about the risk that 
the city will be captured by the Serbian forces 
attacking iL 

To many of the 400,000 people suffering 
under the Serbian siege, the relief effort 
seems almost like a sideshow beside the mas- 
sacre that they fear lies ahead. 

The Western nations are concentrating on 
getting food and medicine to Sarajevo and 
other provincial centers instead of taking 
action 10 halt the Serbian offensives against 
the capital and dozens of other towns across 
this republic. By doing so, many people here 
believe, they are applying a short-term solu- 
tion to a continuing human tragedy. 

Each day brings new accounts of what the 
Serbian nationalists haw called “ethnic 
deansing,’' meaning their efforts to rid wide 
areas of Bosnia, including Sarajevo, of non- 
Serbs. and above all of the Muslims, who 
constitute 44 percent of the republic’s popu- 
lation. 

Bosnian leaders emphasize that the encir- 


clement of Sarajevo and its continual bom- 


a far wider pattern of Serbian atrocities. Con- 
cern for suffering elsewhere in the republic is 
reinforced by the arrival here, through the 
siege lines, or survivors of incidents in which 
non-Serbs, mainly Muslims, have had their 
throats cut or been lined up in rows and 
executed. 

Jasna Karaula, a Croat, recounted an inci- 
dent in which Serbian forces attacked the 
residential area where she lived near the Sara- 
jevo airport, using armored vehicles and fir- 
ing heavy cannon at every house. 

At one point, she said, two Muslim neigh- 
bors living in the same apartment buildmg 
were pulled out of the building and asked for 
thtir names. A young man answered “Selim,” 
a Muslim name. The man asking the ques- 
tion, a Serb, “never spoke a word, he just cut 
his throat,” she said. 

Predictions by officials of immin ent disas- 
ter are dearly calculated to spur the West into 
military action. The appeals have gained in 
intensity despite Western governments* ex- 
treme reluctance to become directly involved 
in the fighting here, which was described by 
Secretary of Stale James A. Baker 3d tins 
week as having “quagmire potential.” 

Many people here bold the government of 
the Bosnian president, Alya Izetbegovic, 


partly responsible for their plight because, 
they 'say, it ignored or misread signs that 
Serbian nationalists were preparing for war. 

SSL there is little disagreement with Mr. 
lzetbegovic’s forecast that the Serbian at- 
tackers. particularly paramilitary groups who 
have shown a rhillmg ruthlessness elsewhere 
in Bosnia, will be unsparing if they capture 
the city. 

-In this context, some see the role played 
here by the United Nations as potentially 
TTvkipading^ jf not actually da m agi n g. 

Sarajevo television broadcasts American 
and European networks’ coverage of the air- 
lift, and many residents feel than an impres- 
sion is bang created that the core of their 
difficulties is being met. In reality, these peo- 
ple say, the Western nations that are provid- 
ing most of the aircraft and supplies may be 
saving them from hunger and disease only to 
allow them to die later from Serbian guns and 
knives. 

“Yes, yes, food is nice, food is important, 
but chocolate for kids is not enough.” said 
SaKr Dario, a 43-year-old electrical engineer 
who lives in one of the most heavily dam a g e d 
sections in the city. 

“Better we will eat grass, if only the world 
will give us arms,” he said, speaking in Eng- 


lish. “If not arms, soon here will 
murder, here will be genocide.” 




Vows 





In Helsinki, Panic 
Warm Ai 


Hie Yugoslav prime 
President Slobodan Milosevic of 


Milan Pane, 
had better ooti 


fandna Ue/ARMcftwerfre* 

in Helsinki on Friday 

k the way of efforts to restore peace. 


SCOOP: Nazi’s Diaries Are Hardly an Exclusive, Historian Says 


CSCE: 2 European Alliances Act in Tandem on Serbia 


(Continued from page I) 

Moscow also was available in Mu- 
nich to any historian who requested 
it. The Moscow material consists of 
photographic copies on glass 
plates. 

The Sunday Times has been bal- 
lyhooing the' publication on Sun- 
day of the first episode from the 
diaries. 

On Friday, however, the tabloid 
Daily Mail, claiming a sensational 
scoop, splashed its version of the 
diaries over the front page under 
the headline “Lost Secrets of the 
Nazis." 

: But Mr. Cesanmi said the Mail 
simply did what any historian 
could have done, and went to the 
institute in Munich. 

"1 think that The Sunday Times 
bought a pup from David Irving,” 
said Mr. Cesarani, meaning it 
bought something worthless, “and 
1 think that the Mai) in its enthusi- 
asm to scoop The Sunday Tunes 
has been forced into the position of 
sensationalizing something that is 
rather un^ensational." 

' “If they had taken the time to 
consult with historians of the peri- 


od. scholars of Goebbeis. they 
would have learned veiy quickly 
that this is not the kind of material 
that is going to bring forth scoops 
or sensations,” said Mr. Cesarani. 
“It’s pretty boring stuff.” 

Neither The Sunday Tunes nor 
the Daily Mail returned phone calls 
asking for their version of the pub- 
lication. 

The first extract published by the 
Mail covered the aftermath of the 
attempt to assassinate Hitler in 

1944. and Gocbbels's m usings 
about his readiness to assume the 
fuhrer's mantle. 

“The diaries first came to the 
notice of the West in 1972 through 
a German journalist with contacts 
in East Germany.” Mr. Cesarani 
said. 

He said that the journalist had 
supplied them to a publisher called 
Hoffmann und Campe. which pub- 
lished one volume dealing with 

1945. 

“This was a commercial flop,” 
Mr. Cesarani said. 

He added that extracts from the 
diaries, as transcribed by the insti- 
tute. were issued in Germany in 
1987 by the K. G. Saur publishing 


house, which also issued a four- 
volume En glish translation cover- 
ing the period from 1924 to 1941. 

Mr. Cesarani said that toward 
the end of the war, Goebbeis dic- 
tated his diary to a battery of ste- 
nographers who then produced a 
typewritten version. The excerpt 
published in the Daily Mad was 
taken from this period. 

Jewish groups in London pro- 
tested last week when it was 
learned that The Sunday Tunes had 
paid Mr. Irving to sift the materiaL 
In January, he claimed to have 


unearthed the diaries of Adolf 
Eichmann, the architect of Hitler’s 
genocide policy, despite the fact 
ihat these had long been in the 
public domain. 

Mr. Irving once described the 
gas chambers at Auschwitz as a 
tourist attraction built by the Poles 
after the war. according to Mr. Ce- 
sarani. and claimed that Anne 
Frank’s diary was a forgery. Last 
year, at a rally of neo-Nazis in 
Halle in Germany. Mr. Irving 
poured abuse on asylum-seekers as 
the crowd chanted “Sieg Hal." 


(Continued from page 1) 
overshadowed the security confer- 
ence, which brought 52 beads of 
government to Finland for an at- 
tempt to strengthen the European 
ability to resolve ethnic and nation- 
alist conflicts like the Yugoslav civ- 
il war. 

The security conference ended 
its meeting by streamlining a cum- 
bersome structure in hopes of being 
able to halt ethnic battles in the 
disputed Caucasian enclave of Na- 
gorno-Karabakh. in Moldova and 
in the Balkans. 


But the security conference — 
which consists of the former Soviet 
republics, other European nations, 
the United States and Canada — 
nearly failed to agree even on a 
bland statement condemning the 
Yugoslavian violence. A statement 
was passed in the final minutes of 
the meeting, but participants con- 
templated no steps beyond sending 
emissaries to Bosoia and other 
strife-ridden Balkan regions. 

The conference, long criticized 
even by some of its own members 
for tittle more than a debat- 


ing society, agreed to set up a corn- 
mission on national minorities to 
try to prevent ethnic conflict. The 
conference also wifi be able to send 
peacekeeping forces to tense areas, 
bat only if all parties in a conflict 
want them. NATO has offered its 
troops as a conference peacekeep- 
ing force. 

But the conference failed to 
agree to proposals to send a mis- 
sion to Moldova or to send 100 
observers to Nagorno- Karab akh, 
where battles have raged for four 
years, killing about 2,000 people. 


DIARIES: Uproar Over Goebbeis 


(Continued from page 1) 

his views nr not. The Sunday Times 
is helping to legitimate Mr. Irving 
and the so-called “revisionist" ver- 
son of Nazi Germany. 

"When \ou huv David Irving, 
you buy the whole package — you 
can’t separate his technical abilities 
from his views." said Antony Ler- 
man. executive director of the Insti- 
tute «>f Jewish Affairs in London. 

“Holocaust denial is one of the 
newer, international forms of anti- 
Semitism and it's most unpleasant 
because it claims Jews fabricated 
the whole thing for their own gain." 
Mr. Lerman said. 

Goebbeis was a scrawny Utile 
man with a club foot, a ruthless 
cynicism, a vicious hatred of Jews 
and an infatuation with Adolf Hit- 
ler matched only by his admiration 
of his own ego. 

He was with Hiller from the ear- 


ly days of Nazism to the fall of 
Berlin in 1945. when Goebbds and 
his wife joined the fuhrer in suicide 
by poisoning their sly children and 
then themselves. 

He was an inveterate diarist, and 
much of the material has been pub- 
lished over the years by the Insti- 
tute of Contemporary History in 
Munich. But a large chunk re- 
mained tucked away on old-fash- 
ioned glass microfiche plates in a 
Moscow state archive, where they 
had been trucked from Germany at 
the end of World War II. 

Elite Frdhlich, researcher for the 
Munich institute, came across the 
plates earlier this year and ar- 
ranged a contract with Russian ar- 
chivists to collate and publish the 
materiaL Then in early May. some- 
one tipped off Mr. Irving about the 
diaries. He approached The Sun- 
day Tiroes and, with its backing, 
headed to Moscow. 



PARTY : Break With Tradition to Symbolise Change 


(Continued from page 1) represents "environmental extrem- 

„ . ... . _ ism” that would threaten tbeauto- 

Bush will be forced to _ spend time industry’s economic vitah- 

and toaotyt Wending his southern ^ 7t1prk y .j hours after 

base. I thmk well end up with a ft. . 

good block of southern states. 


Jeff MUdxJLRaura 

Mr. Clinton, left, and Mr. Gore were in the running on Friday. 


said Stanley Greenberg, Mr. Clin- 
ton’s poll-taker. 

In addition to obvious targets 
tike Tennessee and Kentucky, Mr. 
Greenberg said. Democrats will 
show strength in places like Louisi- 
ana, Alabama and Mississippi, 
where the substantial black vote 
could make the Clinton-Gore tick- 
et competitiv e In a three-way race. 
Other Democrats said the ticket 
also could have improved chances 
in states like Georgia and North 
Carolina. 

But the Clinton-Goie ticket will 
not be able to take black voters for 
granted. While Mr. Clinton won 
substantial majorities among black 
voters in the primaries, turnout fell 
sharply in many states compared to 
1988. “They’ve got to give every- 
body a reason to vote for them.” 
one Democrat said. 

Democratic strategists said the 
sou than and generational appeal 
also provides openings across the 
center of the country, in border 
states like Missouri, and with cer- 
tain voters in Illinois, Michigan 
and Ohio who have southern con- 
nections from earlier generations of 
migration. 

But in those midwestem indus- 
trial states in particular, the Re- 
publicans will counter with criti- 
cism that the Democratic ticket 


Mr. Gore’s selection, with top Bush 
campaign officials wanting that 
Mr. Gore’s environmental record 
would play poorly is the business 
community. 

Democrats said that Mr. Gore’s 
environmental credentials, offset- 
ting Mr. CSntan’s weaker record in 
that area, would help the ticket in 
the West, tnrfaHmg California. But 
Dianne Femstem. die former San 
Francisco mayor now running for 
the Senate, said the economy is a 
mare important issue there than 
the environment right now and 
added that neither Mr. Clinton nor 
Mr. Gore* is well known in that 
state. ; 

Mr. Gore’s presence on the ticket 
also could hop the Democrats in 
Oregon and Washington, which 
Michael S. Dukakis west in 1988 
but where Mr. Perot now runs 
strong. Colorado, a state with a 
young, environmentally conscious 
population, also ranks as a Demo- 
cratic target “Fm delighted by the 
choice," said Howard Gelt, the 
Democratic chairman in Colorado. 

The Bush campaign chairman, 
Robert M. Teeter, said Mr. din- 
ton's choice of Mr. Gore “indicates 
to us be needs help” in his own 
region. But Mr. Teeter said the se- 
lection wiB help only in Tennessee 
if history is a guide. *T don’t think 
there is any evidence a vice-preri- 


ItriKkrl 


CompM IpOur Staff FnmDaimtdm 
HELSINKI — The prime naas* 
ter-designate of Yugoslavia, Who 
Panic, pledged Friday that & 
would woik Tor peace and -democ- 
racy in Serbia and warned ftea- 
dent Slobodan MBosevk not .to. : 
stand in his way. 

i nf erring to Mr. MDoscvkj a 
longtime Communist, he declared; 

“1 will do my job and he wiUtfchis 
job and God help him if he gets in 
my way.” Mr. Milosevic has bepa 
widely blamed for fomcntiBg war ; 
in the fonner Yugoslav repuh&s of 

Croatia, Stovaxia and Bosnia;;. . . 

Mr. Panic said he would 40 *%*- • 
erything to create peace" mYqgi- ; 
slavia, which has been temporarily 

suspended from the Helsinki Con- 
ference of Security and Coopers- . 
non in Europe. 

Secretary of State James A. Bak- 
er 3d told Mr. Panic that thcThrit- 
ed States expected Serbia to end its 
interf erence in Bosnia; with&mi ; 
di sban d and disarm Serbian forqs ; ■ 
in t l»»t republic, and halvtthak 
expulsions. • 

Mr. Baker said he had told Mr. 
Panic: “The world now 
deeds from Yugoslavia, not 
words. We have beard words 
fore.” ‘ ; ■ 

Mr. Panic spoke after be.fett 
with Mr. Baker, Foreign Minuter 
Andrei V. Kosyrev of Ross& art 
President Fraiqo Tndpnan of .W * 
aria. : " ■ . - 'w' . 

He had come uninvited' to. the 
Helsinki conference, which tas sus- 
pended Yugoslavia's membersfaip- 
for 100 days, allowing him funeto 
seek peace before expuiskxmcon- 
sidered. 

- “Twill go and talk to tbe fcadas * 
in Sarajevo,” Mr. Panic' sakL*7- 
have an invitation and wouldbara 
gone today" ■■ . - • -.'f- 
He came representing a govern- 
ment that nawiridodes onfySerbia 
and Montenegro. He said he con- ’ 
adered the Serbian government Of 


dential candidate betas in a state 
other thm his own," fie added. 

Mr. Gore’s addition to the Dem- 
ocratic" ticket does least for the 
northeastern states, a region of the 

coantry where Mr. Gintaa often 

straggled during the primaries. But : president Slobodan ^Milosevic hke 
DemocratspredKdedihBttbeweak thegoramnent of a US. state. \ 
economy and Mr. Oman's abifity “ffldo my job, andhewilldo Us 

to sell Iris ec 
his choice of 

prove derisive in tfcar region. Tine statement two mere times, 
gay who needs to spend a lot of . The extent of Mr. Panic's power 
time here is CEnton,” one north- ~ over Mr. M2osevic;^ , bonrU.& of- 


■ay ami nu. vjuiiuu a uuuujr I twtnmyjon ann iw.whwhi ins 

Ins economic program, not job. and God beta him if be gas in 
wee of vice president, would' my way,” be repeating the 
decisive in mar regtou. The statement two more times. - 


east Democrat said Thursday. 

Mr. Oman this spring and Mr. 
Gore in 1988 ran into problems 
campaigning in New York, and 
Jimmy Carter's experience during 
his campaigns suggests a culture 
gap that the all-southern ticket 
could face in a state the Denxxrats 
most win. 

At the same time, Mr. Gore's 
libera] positions on social issues; 
winch are similar to Mr. Oman's, 
may cause unease OTang white eth- 
nics. despite die view among Dem- 
ocrats that Mr. Gore and his wife. 
Tipper, help the party offset Re- 
publican “fanrity values” appeals. 

The Republican National Com- 
mittee chairman. Rich Bond, called 
the Gore choice “dud on arrival” 
and said it meant the Democrats 
had settled op a southern enclave 
strategy designed to gridlock the 
election. 

The Democrats, he said, “are try- 
ing to go at Bash's electoral 
strength m the South with no abili- 
ty to appeal elsewhere.” . 


ficials have blamed for Serbian at- 
tacks on breakaway -Yugpatov re- 
publics, has not been clearly 
established. - 

Mr. Panic, who; im£ a.ptanna- 
ceUticals bnsinessjmC&ifdaria and 
. has ; never hdd political office, 
grmmsbd Jte vreuW.ntakeevTjy^ 

. getting Yugoslav arms bin. of Bos* 
da- Mr. Milosevic has been Named 
for supplying, those weapons 0) 
Serbian ibices. 

- As Mri Panic arrived in Helsinki, 
fighting flared sporadically again 
in Sarajevo. 

One person was killed in a street 
battle in the dispute! Doborift dis- 
trict^ near the Bosnian capital's air- 
port and one died in sbeffing of the 
city center, according u> Sarajevo 
radio. . 

Three mortars hit the high-rise 
Holiday Inn, where many foreign 
journalists are staying, malting the 
building shake, and bunts of artil- 
lery and machine-gun fire echoed 
round the city. ( Reuters, AJP) 


ACROSS 

1 Catcher in i hr 
Rhine 

fi There * mie un 
»his page 

13 Piedmnnles*? 
province 

17 Type • if 
audience 

IS Exaggerate 

20 Sacred si a>ues. 
Var. 

22 Convent ion site 
for distillers’ 1 

24 Back ofihe neck 

25 Mi n her'* forte. 
Uj r -.hun 

2B iVieuiher 

■eiihen 

27 Bav City Holler*' 
IU7K hit. 'The 

Fee) 

Tonighl" 

28 Drink noisily 

29 Suede )ead->n 

30 Planetary rulers 
in a 1 9HH movie 

32 Irish las'. 

34 Caribbean 
cruise ship’s 
destination 

37 La rgev.it for 
bleaching clulh 

38 Noi original: 
Ahbr 

35 Within: Cumh 
form 

40 Tijuana Bruss 

man 

43 Znophagan 

-47 l ien 

Schwarzkopfs 
new tii le 


48 Convention site 
fnr marfnrss 
manufacturers? 

50 Siora of 
knowledge 

51 "Oldlnwn Folks’ 
author 

53 Prop for 
Cagney -1 

54 Llngallanl 

55 Most otiose 

57 One-cetled 

creatures 

59 Paella 
ingredient 

80 'Just When 

You Most” 

81 Godfreys 
companion 

83 (n a shrewd 
manner 

85 Boiler-room 
workers 

68 Director Kazan 

70 Have magnetic 
power 

73 Winning coach 
at Super Bowl 
XII 

74 ‘ the Mood 

for Love' 

75 After-hours 
school gp 

78 Pyrenees 
chamois 

78 Dies 

79 Convention site 
fur gamblers? 

82 Wall Street 
order 

83 Maxim de 
Winter's estate 

HB Commotion 

87 Kind or pottery 

88 Urged a saddle 
horse on 


Sdutiun to Puzzle of Julv 4-5 



89 World turner? 

90 Waco. Tex.. 
university 

92 Seance 
phenomena 

95 Slalom obstacle 

96 Dumb bunny 

98 Man's slipper 

99 Fr. holy women 

101 Defeat 
decisively 

102 Make do 

105 Wtckerwitrk 
branch 

106 Convention site 
for blacksmiths? 

1 10 Uptight 

lit Tasso heroine 

112 Holmes's quarry 

I (3 Does some 
landscaping 

1 14 Ornament made 
of ribbons 

115 Nicholas Cage 
book 

DOWN 

1 Comedian from 
Montreal 

2 "Divine 
Comedy' is one 

3 Neither his nor 
hers 

4 Inventor Tesla 

5 Ultimate 

6 He introduced 

the sack 

7 Savings-acct. 

entry 

8 Rear, to Popeye 

9 Look daggers at 

10 Nicaraguan 
group 

11 ■ Front 

Door.” Pat 
Boone’s 1955 
single 

12 Of a 
14th-century 
Tuscan family 

13 Scottish poet 

Hew : 

1792- 1X7H 

14 Convention site 
for 

phrenologists* 1 

15 Woman’s small 
hat 

16 Acclimate 

17 Hundred 
pounds, for 
short 

18 Window 
shopper, eg. 

21 Marital breakup 
short of divnrve. 
\hhr 


Very Conventional Patricia A. Cevaal 



PLQ: The Stunning but Shadowy Slaying of an Aide Who Helped West 


© New York Times, edited by Eugene Maleska. 


23 Constricting 
scarf/ 

29 G.l. Joe’s 
entertainer 

30 Well ventilated 

31 Czar culled "rhe 
Great” 

33 Treat for Fido 

34 Capone's 
nemesis 

35 Bryant or Lnos 

36 Senator 
Thurmond 

37 Supported 

38 Attic township 

41 Ads required hy 
law 

42 Kind of porridge 

43 Jason’s helper 

44 Drove a nail on 

the slant 

45 Gaelic 

46 Sent hack: Ahhr 


48 Zetetic person 

49 Agave 

52 Convention site 
for orthopedists'' 

55 "What's— —for 
me 1 ’ 

56 Mexican actress 

58 Hide, as a dog's 
bone 

59 Artifact 

60 Output's 
opposite 

62 Wallace's 
running mate: 
1968 

64 But of course' 

65 Swell, in $nhn 

66 With Il6 Down. 
Japanese suicide 

67 Esther Williams 

film. " Island 

vvnhYnu" 


69 Container for 
Hancock 

71 Junta 

72 Town un Cape 
Cod 

74 " Three 

Lives* 

75 Party spread 

77 Beautician, at 
times 

79 “ when she 

is riggish": 
Shak 

80 Jupiter 

81 Character in 
"Oliver Twist" 

84 Performances 
after 

performances 

85 Female ruff 

87 River of eastern 
Wales 


89 Canine TV star 

91 Judicial action 

92 Jog 

93 Kentucky Derby 
prize 

94 Kind i.f acid 

95 Cause of *epsu> 
9B Japanese 

measure 

97 Mon follower 

100 Picador's target 

101 These, in 
Inveraray 

102 Scene of a 
temptation 

103 See 66 Down 

104 Worker* on 
MSS 

107 Tolkien creature 

108 Pose 

109 American 
humorist 


(Continued from page 1) 
in Tunis provided a basic outline of the killing. 

Less than eight hours after driving to Fans 
from Berlin, Mr. Bseiso returned from a late 
dinner with two friends and was killed by three 
bullets. The shots were fired at point-blank 
range by one of two men who were waiting for 
Mr. Bseiso outride the luxury hotel where he 
had registered under an alias. 

The killers — in black jogging suits and with 
short-cropped hair — were seen running off 
into the night by bystanders. The handgun used 
was equipped with a silencer and a bag to catch 
the spent cartridges. 

Originally Mr. Bseiso bad planned to avoid 
Paris. How the (tillers knew he was coming here 
— a decision be made only four days before his 
death — remains unclear. But specialists sus- 
pect his plans were learned through telephone 
taps or leaks from inride the PLO. from his 
French contacts 3l the DST, or from Germany. 

Experts also theorize that Mr. Bseiso helped 
bring about his own death by his fondness for 
cars. He insisted on driving a recently acquired 
Jeep from Berlin to Marseille, where be had 
made a reservation on a trans-Mediterranean 
car ferry to Tunis, the PLO headquarters. 

That made it easy to follow him. He also may 
have helped his (tillers by staying at a Left Bank 
hotel he had used previously, the Hotel M6ri- 
dien Montparnasse. 

Soon after arriving at the hotel Mr. Bseiso 
reportedly appeared uneasy and mindful of a 
warning that Mossad was gunning for him. He 
was said to have been upset enough by a man 
oho stared at him intently in the bold lobby to 
have railed a contact in the French intelligence 
service and asked for protection. 


He reportedly was told that no one was 
available until the next morning, when he was 
to have met his usual French contacts. French 
officials suggest a telephone call was placed, 
but they deny Mr. Bseiso asked for protection 
then or during any of his frequent visits to 
France. 

Beyond these accounts, the Bseiso case is 
largely speculation. PLO officials said Mr. 
Bseiso had been warned that Israel's Likud 
government was out to kOi him to impress 
voters in the Israeli parliamentary elections 
June 23. 

Some intelligence specialists say one sign of 
likely Israeli involvement was a statement by 
General Uri Saguy, Israel’s military intelligence 
chief. He told a background briefing of Israeli 
reporters within hours of the assassinatio n that 
Mr. Bseiso had been involved in the massacre of 
Israeli athletes at the 1972 Olympic Games in 
Munich. 

Sources masted, however, that Mr. Bseiso 
had nothing to do with the killings in Munich. 
They also said they doubted that Mossad would 
undertake such a risky operation just to perpet- 
uate the image of brad’s wreaking vengeance 
20 years later. But the fact that Geoeral Saguy 
was willing to say anything was a giveaway, 
they said. 

Some Palestinians asserted that Mr. Bseiso 
was killed because he regularly met U.S. offi- 
cials secretly in Madrid to exchange informa- 
tion, notably about their common enemy, Abu 
NidaL 

In 1979, Israeli agents in Beirut (tilled Mr. 
Salameh, the PLO’s secret liaison agent with 
U.S. officials, at a time Washington officially 
denied meeting with the guerrillas. 


Whatever its rationale, Mr. Bseiso’s ltiUing 
had major repercussions on the PLO’s long- 
established information exchanges with the 
Austrian, French, Ge rman., Spanish and Turk- 
ish intelligence agencies, according to intelli- 
gence sources. r . 

The elimination of Mr. Khaief and Mr. 
Bseiso in such a relatively short period could 
have beat especially damaging to the PLO 


because both men were known for refusing to 
commit their intelligence files to paper, accord- 
ing to Palestinian sources. 

, ^ a operative who ran 

toe PIG s European network, according to 
Yosa Meuman, a veteran Israeli journalist who" 
sp e ci ali zes in covering Mossad. 

Unlike many other intelligence agencies, the 
PLO does not compartmentalize in operations, 
Mr. M a i lma n said, so killing Mr. Bseiso would 
elimmate the man m charge of internal security, 
agents in Europe and liaison with foreign couh- 

French officials said they were convinced the 
choiceof French soil for the assassination, was a 
deliberate message; even a wanting, far their 
govemmenL But they assert that they have not 
ceapfiered the m essa g e , since France in recent 
yrara has irtuced its centurkfrdd intcrcst- in 
me Middle fast and is no longer considered a 
major player in that region. . ; ; 

evaluation tended to dimmatc lsrai 
J'sprauibflity m some French minds. Perhaps 
for that reason, French officials dose tb the 


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INTERNATIONAL HERALD TRIBUNE, SAXURDAY-SUNDAY, JULY 11-12, 1992 



Page 5 





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on 


Weapons 

China Sought Aid 
To Destroy Arms 

By Robert L Kroon 

Special to the HtmU Tribune 

GENEVA —As a condition for 
endOTSing a worldwide ban on 
' chemical weapons — now nearing 
. completion after more than 3 T 
years (^-negotiation — China has 
demanded that Japan take “ful] rc- 
JSpopsanlity” for destroying about 
2 millian chemical weapons that its 
forces abandoned os they retreated 
from northern China during the 
1940s. 

Confronted with another epi- 
sode from their nation’s bruial war- 
time past, Japanese negotiators on 
a djendcal weapons committee at 
ibc SO-nafion Geneva disarmament 
conference at first balked at the 
Ounesedeatand. 

.- But after months of wrangling. 
Japan relented and ‘'promised 
hap, if no Wank check,” according 
to the lndooesian ddegale to the 
conference, Sutnadi Brotodmin- 
‘gratiWho was appointed to mediate 
the dispute. . 

The Chinese sprung their do- 
sand on the conference in Febru- 
ary as negotiators were facing the 
final hurdles on the disarmament 
pact Hoc Zhitong. China’s chief 
chemical arms negotiator, submit- 
ted a confidential working paper 
recalling that “the Chinese people 
have in the past been victims of 
chemical warfare by a foreign 
state" and. r 3 aiming that up to 2 
'znifime abandoned* artillery and 
n*f*r tar shells and smalW quanti- 
ties of chemical aerial bombs "have 
already caused 2,000 direct victims 
and done great harm.” 

The document never mentioned 
Japan by name, but die identity of 
the “abandoning power" was never 
in dohbL _ 

The paper specified “approxi- 
mately 2 nrillion pieces of chemical 
weapons discovered bat not yet de- 
stroyed and 300,000 weapons de- 
stroyed or given preliminary treat- 
ment by China,” plus 100 ions of 
weapons-grade chemical agents, 
mostly mustard gas. 

Meet of the weapons being in 
“badly rusted and eroded state, sig- 
nificant leakag e will undoubtedly 
endanger lives of the local popula- 
•tkm and have, disastrous cause - . 
quences far their property and the 
environment,” the paper said. ' 
“Tokyo will certainly help," Mr. 

Smnadisakl, “because it's the price 
to pay to get China on board. 

• ' “Btit the Japanese are in no 
mood to'agn a Hank .check," 'he ; 
saii. “They are reSnctartitoassaime 
' total respcmshffiiy for an opera- 
tion that may wdl cost hundreds of 
millions of dollars.” 



An Ex-Ambassador’s Road to Indictment; I 


said. . 
cost of a 


ig to bring down tbe 
me in Tokyo to five 


“My party promises to improve 
the quality erf life of the people.” be 


Tokyo Accused on f| Comfort Women 9 


Reuters 

. TOKYO North Korea ac- 
cused Tokyo on Friday of trying to 
evade responsibility for recruiting 
women to serve as prostitutes for 
the Japanese Army during World 
Warn. 

“Tbe Japanese government, in 
the results of investigation. 


Tokyo formally acknowledged 
this week a role in the recruitment 
of the women, but said that an. 
official investigation had found no 
proof the women were coerced and 
that there was no need to pay com- 
pensation to survivors. 

Historians say that as many as 
200,000 women, mostW Koreans, 
were rounded up ana forced to 


shunned as ever the responsibility 
of the dd Japanese government for prostitute themselves to the Impe- 
the ‘comfort women’ issue,” a rial Army as it moved through East 
North Korean Foreign Ministry Aria ana Southeast Aria in the 
spokesman said in a statement 1930s and 1940s. 


tiroes the annual salary of a worker. 

Many Japanese live in tiny 
apartments. 

Those who can afford suburban 
houses, which cost about eight 
times the average annual salary of a 
worker, must spend three to four 
hours each day commuting in over- 
loaded trains. 

By increasing public spending on 
bousing and the infrastructure, Mr. 
Miyazawa is hoping to jump-start 
tbe Japanese economy, which has 
slowed down significantly after 
years of phenomenal growth. 

“Many countries look at Japan, 
where the miemploymail rate is 
just 2 percent and the economy is 
still registering growth, and ask. 
Where’s tbe recession?" " be said. 

“But these same countries are 
depending on us to help revive the 
global economy, and it must start 
at home.” 

Mr. Miyazawa and other Liberal 
Democratic leaders hope to win a 
majority of the 127 contested seats 
by promising to improve the econo- 
my. 

At times of economic decline, 
voters tend to favor the long-ruling 
conservative party, according to 
political analysts. 

Tbe Socialists, the main opposi- 
tion group in tbe Diet, and other 
leftist parties are targeting Mr. 
Kfiyazawa’s controversial plans to 


send troops abroad for the first 
time riDce 1945. 

In his speech. Mr. Miyazawa ap- 
pealed for public backing to send 
Japanese troops to Cambodia in 
the near future in ocmcombai roles. 

“We’ve just been handing out 
money in the form of imcmaBonal 
aid," he said. “Now it's time to 
contribute people as welL We're 
not going to wage war in Cambodia 
because the war is over. We’re go- 
ing to go and hdp people resettle.” 

Socialists, Communists and oth- 
er leftist opposition groups strong- 
ly opposed pasrage of the peace- 
keeping operations law in mid-' 
June. They argued (hat tbe law, 
which allows Japan to contribute 
troops to UN peacekeeping opera- 
tions, violates the post-1945 pad-' 
fist constitution, which restricts the 
army to a defense role at home. 

The Japanese public has been 
divided over the issue since h was 
raised in 1990. 

Construction Minister Taku Ya- 
mazalri said the prime minister 
would have to resign or call a gen- 
eral election if the Liberal Demo- 
crats failed to win at least 60 of tbe 
127 contested seats. 

Tbe party lost its upper house 
majority three years ago. Although 
it is unlikely to non that back, it has 
set a target of winning 64 seats this 
time. 

Elections for half of the 252-seat 
upper chamber are beld alternately 
every three years. 


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ho, ChriiNafitBed feflowshm w* on «*m 
Youlh MHshr locotad near iw lrjOTcito»d 

BUOAFE5T 

Ir Oynadonol Bap Set Ma*uhip. 0 Sabo u. 

^87^56% 

Reached by but 11. 

BULGARIA 

INTERNATIONAL BAPTIST CHURCH, 
Sofia. Hotel YAaho, 100 Aa honor Bhd. 
Wenlrfp ltd». Harold Bryion, Postot. 
TeL-. 70* 367. 

CW£/HANNOVBt 

INTERNATIONAL BAPTIST CHURCH, 
Friederakxdie, IBemonn*e. 15, Cede, SS 
12*45, Wootm 14.-TXX 30 rain. Drhe. 20 
■ain. By train from Hammer. WaBcing dh- 
(once troca CoBb train itefion. Gontad Andy 
EarLTeL, 05141^16735. 

COPB4HAQBI 

W7HNA710NAL BAPHSTOURM Bogy- 
semaode 7 in Norrabro near downtown. 
6^3/5,71, or 16. WORSHIP 9 ajn. 

llbta Stud, 7 pm WednHday*. 
TeL: 31 30 51 38. 


HAMBURG 

INTERNATIONAL BAPTIST C HURC H 1 OF 
HAMBURG meet* of TaBEA /STHALLE, 
ArabfcldlP, Hc*BburgOitdorf.BjUeSiwdy 
at Ili30 6 Worship at 12J0 eoeh Sunday. 
TeL- (MO/B206) 6. 

HOLLAND 

TRINITY BAFT1STS.S. POttWordeP lOkSOU 
ounery, worm fellowship. Meett at 
Bloeincamplaon 54 in Wasienoar. 
TeL 01751-78024. 

KRAKOW 

INTERNATIONAL BAPTIST FEILOWSHP. 


THE INTERNATIONAL PROTESTANT 
OIURCH OF BRUSSELS, Sunday School — 
9 JO cue. and Church — 10:45 a.m. KoV 
tenbera, 19 (at the InL School). TeL: 
673.0x81. But 95. Trtea 94. 


pm 


MADRID 

B4MANUEL BAPTIST. MADRID, Hemondes 
do Tfljoda, 4. Enafish Sorvfce* 1? am. 7 
u 302-3017. 
MtMOH 

INTERNADONAL BAPTIST CHURCH OF 
MUNICH, Holzstr. 9 ' 

vice*, r 

17-QQ. 

MBS and SUBURB 
EMMANUa BAPTIST CHURCH, 56 Rue de* 
Bom-Robins, RueWAaLooiKxi. An eyan- 
geDcal church for tfm &igfth 
community located in the western luburt*. 
S^. 9i45; Worship: 1045. CWIdren j 


►iTOINADONAL CHURCH Of BUDAPEST. 
Sun. 10-JO, Dbt I, Corvin ter B. Rev. G. 
Howard. M/fax (36-1) 176-4518. 
GOFENHAG8J 

NTBMaTIONAL CHURCH of Copenhagen. 
27 Focvergade. Vortev, near KUw. Sfcidy 
I0tl5 & Worship 11 GO. Jade HuetacLPfemor. 
TeL i 31 6247B5. 

RAMtHAT' 

TBNJTY LUTHBIAN CHURCH. NOtelungm 
ABee 54 (ILBahn 51 Sunday School 9J0, 
Np 1 1 am TeL: (069] 599478. 
GENEVA 


EV. LUTHBtAN CHURCH of Geneva. 20 rue 
BftMdudyJWJaW^*s Service VenJoin0i Sunday wonte 9Ja in German 
. rattor epbonm 6 r 08 »I^ Ud»biEnglWi Teh (03)3105089. 



George V* or AbtoMamou. 

HOPE HflERmilONAL °**CH (EwngeB- 
atlL Sun. 9:30 am Hold C>fan. tj 

Ewtanode de m Deferan. Teii 47J3J3J^ 

4775.14 J 7 . 

ISAWT JOSBW CHW»i (Rormn Cc*^ 

S 3Te3SiSS= 

Charles da GauBe- Boik. 

TOKYO 

ST. PAUL INTERNATIONAL LUfflOWN 
CHURCH, near fidabasbi Stn. T el ^ 3261 - 
®5JWortNp Sen** 9 JO am Sund^s. 


DARMSTADT 

QARMSTADT/aBSTADTBAFreTMKiON. 
Bade dudy & Worrhy S ydoy iqiSO.am 

StefateiM Dsawsto* Boesd^. ZLD l 
T«L>061 87-91663 
(pador) &0615T-68702 (deacon). 

bOssBoav 

WiaNATlONAl 

fah. «j. TftOD, wr^Jp H.-05. OAkent 


MTERNADONAL BAPTIST FHJ.OWS«P. 
&30 pan., 123 ov- du Maine. M° Gd* 
Near the Tour Montparnasse. The 

service of En*i . _ 

47-51 J97W or 47.49.1. 

WUPPHtTAL 

Internationa! Baptist Church. Engfish, Ger- 
2UBCH 

R4TERNAT10NAL BAPTIST CHUMM of W&* 

OTfiSTOSl DBL 


EUROPEAN 

LMTARIAN LMVBtSAUSTS 





UNITARIAN UNWSSAIIST feEauahip & 

cordnds In Eurcp* Indude; 

BARCELONA; Aptartodo de Correos 
27305, 08060 loreekw, Spein. 
BRUSSELS: TeL, (32) 6*3645-70. 
HtANWUin/ VnESBAOM (49) 611-304304. 
GBCVA/BEM; (41 ) 3I-443W8. 
HBPBBBtOt (49) 6222-7 3716 or (49) 
6205-16486. 

MUMOt (49) 89-28-23-26. 


I EUROPEAN 

j BAPRSTCONVBrfnON 

unfag the ftiaflkMt and Toms areas, 

PARK (33 J 1 - 42 - 77 ^ 677 . 

ASSOC OF WTL OUKW 

BBWN 

bar Emptan Bapm Csnuonnon. TJedare 
His glory cmOftgrtdwnaGcra." 

N EUROPE A MDEAST 


UN. Roftenbira "fSL 4 i 


BE1HB. WTBNAnONAi BAPTBT CWJRCH, 
t ^*-5g?* 5 gSL M ^L~ Th isTwooKo at AmDadMimy 92, fiajttrt oM. Sunday 


mM 

AMERICAN CHURCH IN BERLIN, Cor. of 
OwAh»6hbdanirSlr.,SA930oA, 
Worship 11 ojn. TeL 0304132021. 


LONDON 

AMBOCAN CHURCH in London or 79 
Tottenham Court Road, tendon Wl, SS at 
9=45 am & warship at 1 1 cue. Geodge 
street tube; TeL (01) 5802791. 
tNTBtNATKXAL COMMUNITY CHURCH 
services at Rydens School, Horsham, Sreney. 
Sunday School and Wordvp at UdX> am 
Adh* Yaafi Program. TeL {0932} 856383. 
MOSCOW 

MOSCOW PROTESTANT CHAPLAINCY, 
UFOK Hoi, UL LBofa PeAme 5, bkfa. 2. SA 
10 ojo^ Warship 1 1 run. TeL: 1434562. 
OSLO 

Americas Lutheran Churth, Pritznengt 15 
Worship & Sunday School 10 a.m. 
TeL (02) 44. 33 .&4. 

FMUS 

AMERICAN CHURCH IN PAHS. W, 

1 1 OO ojn. 65, Quai <POnay, Ptro 7. Bus 
ot door. Metro Almo-Marceau or 
hwoBdes. 

PRAGUE 

INTERNATIONAL CHURCH OP PRAGUb 
Engfish worship 1 1-1 5, Vrcoovo 4, Prague 5. 
Sunday School, nechej weekly table study. 

STOCKHOLM 

IMMANUS. CHtffCH, Kunstsmg. A Birger 
JatL Frifsvdty Oebtet WowstefL Engbh,' 
S r mHi & Korean. 1 1 40 tun. TeL 464 
151225 A 309803. 

VBNA 

VB4NA COMMUNITY CHURCH, Sunday 
worship in cnafith 1 1 >30 AJL, Sunday 
school, nursery, mtemaliondl, efl doadnaBam 
wefcaree. Pora t he er gasra 16, Vienna I. 

WARSAW 

WARSAW WTHNAT10NAL CHURCH, PWL 
estant Enafah Imojage enabiatns, Sundays 
UiOOajn. (Seat-May), luagL(lune-Aug.)} 
Sunday School h» (SepNMay) UL 
Wodawa 21. ToLi 43-2970. 

ZURICH 

WTHNA7K5NAL PROTESTANT CHURCH 
English speaking, woriahtp service, Sunday 
Sthoal 1 Nmery, Sundays Hi3D gun. 
Scharaang one 25. TeL (Oil 2625525. 


into ipe.'l mn 

Prime Mmisfer Kuda Miyazawa, wearing white gloves and faokfing a bundle of microphones, kicked 
off the liberal Democratic Part)' campaign for iqjper boose elections in Japan. Tbe vote is July 26. 

Japanese Take to the Hustings 

Miyazawa Pledges to Improve 'Rabbit Hutch’ Housing 

Reuters 

TOKYO — Prime Minister Kii- 
chi Miyazawa plunged into Japan's 
election campaign Friday, promis- 
ing to improve the nation's stan- 
dard of faring and get rid of its 
“rabbit butch” housing. 

Hours after returning from tbe 
Group of Seven summit meeting in 
Munich, Mr. Miyazawa took to the 
podium to urge support for his rul- 
ing libera] Democratic Party in the 
July 26 elections to the upper bouse 
of the Diet — the first national test 
for his 7-month-old government. 

“It’s been said we Japanese Hve 
in rabbit hutches and, unfortunate- 
fy.' itV frae,” be told several fan n- 
dred supporters arid passers-by in a 
central. 


By Dirk Johnson 

\ev root Times Sorter 

DENVER — Former Ambassa- 
dor Sam H. Zakbem, a native erf 
Lebanon whose wealthy father dis- 
inherited him for emigrating to 
America, often said that he gave up 
a fortune for the love of his adopt- 
ed country. 

Mr. Zakhem’s patriotism, along, 
□o doubt, with his efforts to raise 
money for conservative political 
causes, helped to earn him the ap- 
pointment as ambassador to Bah- 
rain by President Ronald Reagan 
in 1986. He served until 1989. 

But his resume lacked foreign 
affairs expertise; one State Depart- 
ment observer thought him a dan- 
gerously miscast amateur in the 
hot-spot of Middle East politics. 

In an indictment announced this, 
week. Mr. Zakhcm, 56. and two 
other men were charged with se- 
cretly accepting $7.7 million from 
the government of Kuwait to act as' 
undisclosed foreign a gents in a 
“propaganda campaign* to gener- 
ate support for the, war agains t 
Iraq, 

The Justice Department claims 
that Mr. 7 j>irh«wri along with Wil- 
liam R- Kennedy, the former owner 
and publisher of Conservative Di- 
gest, and Scott Stanley Jr^ a former 
editor of the publication, spent $2 
million on public relations and ad- 
vertising and diverted the rest of 
the money to their “personal and 
undisclosed profit.” 

Prosecutors charged that tbe 
men violated federal tax laws by 
failing to report the money, and 
ignored the Foreign Agents Regis- 
tration Act by failing to disclose 
their status as Kuwaiti agents when 
they lobbied Congress and the 
Bush administration. 

Tbe mdictment charges that Mr. 
Zakhem and his two associates 
were contacted by tbe Kuwait gov- 
ernment after it was invaded by 
Iraq in 1990. It claims they set up 
two front organizations, the Coali- 
tion for America at Risk, and later, 
the Freedom Task Farce. 

Tbe group ran television ads in 
support of the war against Iraq. 
Prosecutors said they used multiple 
bank accounts to conceal the 
source of the funding. 

Mr. Zakhem, who ran imsuccess- 


$500,000 Jewel Theft 
Reported at Paris Ritz 

The Aaodosed Press 
PARIS — Jewels valued at 
S 500,000 were taken from the room 
of an American woman staying at 
the Ritz Hotel, the police said. 
They said witnesses told them three 
men took tbe jewelry from Robbie 
Nefl MacCamy’s room at the hotel. 

Travelers checks and 54,000 in 
cash also were taken. A hotel 
spokeswoman said Mrs. MacCamy 
filed a complaint with the police. 


fully in May for the Republican 
nomination for tbe U.S. Senate 
from Colorado, said the indictment 
“came as a shock” and that he 
would plead not guilty. 

There have been other reports 
that Mr. Zakhem sought personal 
benefits from his contacts in the 
Gulf states. Tbe official Iraqi press 
agency, IN A, has circulated what it 
says is a letter dated May 18. 1990, 
from the Kuwait ambassador to 
Washington. Shdkh Sand Nasir al 
Sabah, to the Kuwaiti oil minister. 
It reportedly says that “Mr. Zak- 
hem is requesting ns to hdp him, 
for the present time and until 
1992,” to be given a salary “to en- 
sure for turn a legal income en- 
abling hjf n to be totally dedicated 
to his next electoral campaign.” 
“As you know,” the ambassador 
is said to have written, “we main- 
tain good relations with Mr. Zak- 
hem and his good stances toward 
our Gulf issues.” 

Mr. Zakhem H»qnic«ri the letter 
as “Iraqi propaganda.” 

The appointment to Bahrain 
brought some criticism at a time 
when Washington was increasingly 


relying cm that country in its efforts 
to limit the tanker wars between 
Iran and Iraq. 

Richard B. Straus, the editor of 
the Middle East Policy Surrey, 
wrote in a Los Angeles Times essay 
that Mr. Reagan had followed an 
unwise tradition of sending weak 
political appointees to key posts in 
“funny, cute little countries.” 

He added: “These days, howev- 
er, Bahrain is not a cute Utile coon- 
try. It has become de facto head- 
quarters for the biggest U.S. naval 
armada assembled since World 
War IL” 

During bis tenure, Mr. Zakhem 
was often regarded as a competitive 
diplomat who considered himself a 
leading expen on Arab matters. He 
was recalled once by then Deputy 
Secretary of State John Whitehead 
for dealing outside of channels with 
die Bahrain government. 

He also argued with analysts 
from tbe Central Intelligence 
Agency, who contended at various 
times that the ruling family in Bah- 
rain was in imminent danger of 
being overthrown by the country’s 
pro-Iranian Shiite majority. Mr. 


Zakhem*s instincts proved correct 

Mr. Zakbem came to tile United 
Stales after graduating from the 
American University in Cairo in 
1957. He earned his inasttts degree 
in economics at the University of 
Detroit He later relumed to Leba- 
non, but became disenchanted with 
some of tbe country’s traditions, 
such as arranged marriages, ac- 
cording lo his campaign biography. 

He moved to Denver in 1965. 
working as a night watchman and 
cor parker lo put hxmsdf through 
graduate school at the University 
of Colorado in Boulder, where he 
studied political science. As a stu- 
dent, he founded groups in support 
of missing soldiers in Vietnam. 

After receiving his doctorate, he 
became the director of iniemafioD- 
al student affairs at the University 
of Denver and a researcher for the 
Heritage Foundation. 

He was elected to the Colorado 
legislature in 1974 and won re-elec- 
tion in 1976. He was elected to the 
state senate in 197S and also held 
other jobs, including a stint os a 
motivational speaker for an orth- 
odontics company. 


92 

•7 


AMERICAN 


TOPICS 


Better Refrigerator 
Worth $30 Million 

A S30 million reward awaits 
the first manufacturer to build 
and market a better refrigerator. 
The money is bong offered by a 
consortium of 23 utilities that 
serve about 20 million of tbe 94 
million U.S. households. The 
utilities want a refrigerator that 
does away with ozone-destroying 
chlorofluorocarbons while cut- 
ting in half the 900 kilowatt- 
hours erf electricity used annually 
by today’s average 18-cobic-fooi 
(about half a cubic meter) refrig- 
erator. 

Refrigerators and freezers 
co nsum e about 20 percent of 
household electricity. Appliance 
makers say they could improve 
efficiency by adding insulation, 
but they do not want to enlarge 
the exterior dimensions of the 
unit because most consumers 
want a refrigerator that fits in 
arising kitchen space. 

The winning design from a 
U.S. manufacturer would be 
chosen in 1993 and could be on 
the market in 1994. Entries to tbe 
Super Efficient Refrigerator Pro- 
gram are due in October, with 
two semi finalis ts picked in De- 
cember. 

The utilities, often at the urg- 
of officials and environmeo- 
have been enco waging m- 


ingof ( 
lausts,! 


creased efficiency in electricity 
use, as a cheaper way to balance 
supply with demand. The alter- 
native is building new power 
plants and adding to pollution. 

Short Takes 

Telephone fraud is so wide- 
spread that almost every U.S. 
adult has been targeted, accord- 
ing to a Louis Hams survey com- 
missioned by the National Con- 
sumers League and the 
Reference Point Foundation. 
The groups plan to set up a toll- 
free hotline for consumers to re- 
port telephone rip-offs. Mean- 
while, it suggests that the next 
time you are offered a free prize 
or “fabulous” investment oppor- 
tunity over the telephone, don’t 
be shy about simply han ging up. 
Or, if the offer sounds that inter- 
esting, say, “Please put it in writ- 
ing and mad it to me ” 

After die wide-body jet airim- 
er, tbe wide-body golf dob. The 
biggest club bead yet is Wilson 
Sporting Good Co.’s Killer 
Whale dnver at 275 cubic centi- 
meters, compared to about 145 
cubic centimeters for a conven- 
tional driver. This may be near- 
ing the limit. If club heads get 
much bigger, wind resistance wiD 
. become a factor. Manufacturers 
say oversize drivers offer greater 
distance and accuracy and make 
it easier for the player to direct 
tbebalL 

A Washington Post reader, 
Jerry Van Pool reports that he 
found himself behind a truck 


with a bumper sticker that said, 
“This truck driven by a blind 
man.” Pulling alongside to see 
who was at tbe wheel be got his 
answer from the lettering on the 
side of the truck. It said the truck 
belonged to a Venetian blind 
company. 

In New York, JFK Jr. 

For the Prosecution 
When John F. Kennedy Jr., an 
assistant district attorney in New' 
York City, conducted his most 
recent prosecution, the jurors in- 
cluded a New York Times re- 
porter. Charles Strum. Mr. 
Strum described Mr. Kennedy as 
“tall handsome, square-jawed, 
square-shouldered.” He added. 
“Mr. Kennedy’s articulation, in 
a pleasant but unremarkable 
baritone, had been a bit halting 
injury selection. But his opening 
statement was clear and bis di- 
rect examination of three police 
detectives and a police chemist 
was to the point.” 

After seven hours of delibera- 
tion (he jury brought in a verdict 
of guilty against one Venard 
Garvin for peddling heroin. 
“The district attorney’s office 
was unable to provide a score 
card of Mr. Kennedy’s success 
rate in his three years on the 
staff,” Mr. Strum reported. “ But 
this victory was at least his sec- 
ond. In the first, the defendant 
was found asleep in his victim's 
apartment with her jewelry in his 
pocket.” 

Arthur Higbee 




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INTERNATIONAL HERALD TRIBUNE 






‘,1 '* - _i- ■ .T -i- 

<iVr ’ •• - -i» r 


Page 6 


SATURDAY-SUNDAY, JULY 11-12, 1992 


4 k IMERMTIONAUfy * ri 

ii era I bsa^ Snb u ti c. 


KubifeArd Wfiii IV V. lot* Tuba- *nrf TV Wa*Unpton IVf 


The Democratic Ticket 


Gone Is Right Choice 


The naming of a vice presidential candi- 
dale creates an instant political calculus. 
Among which groups and to what extent 
will the choice of Senator Albert Gore help 
Governor Bill Clinton, and what are the 
opportunity costs in the sense of advan- 
tages forgone by virtue of not having cho- 
sen some other candidate? How much 
stronger or weaker are the party's chances 
now in the South (and North, East and 
West), among the young, among environ- 
mentalists, women, blacks, dairy farmers, 
people with red hair, long hair, no hair? 
And on into the evening 

But well before all this comes the awful 
other question, the first that has to be asked- 
in the case of any vice presidential nominee 1 
and in a certain constitutional and visceral 
sense the only one that matters: How plau- 
sible a president would that person make in 
the event that he or she had to assume that 
ultimate office? Could the backup play in 
the Super Bowl? In the case of Mr. Gore, 
the answer is a resounding yes, and that 
becomes still another distinction between 
the two parties, as well as a distinction — . 
thus for — between Mr. Clinton and Ross 
Perot, whose running mate is yet to come. 

This choice of a running mate is an early 
test of a presidential candidate's instincts 
and seLf-confidence and how he or she might 


use the presidency's considerable appointive 
powers. Here, too, Mr. CHirton shows up well 
for having chosen someone strong. 

Jesse Jackson said a bit petulantly (he 
and Mr. Gore had a bad patch in the 1988 
presidential primaries) that it was a ‘'fairly 
narrow" ticket. That is only true if you have 
a fairly narrow definition of “narrow." It is 
an attractive ticket. It is true that both of 
the nominees-to-be are from the broad mid- 
dle of their party (as well as from adjacent 
sonthenush states, itself a departure but not 
what Mr. Jackson meant). But surety For the 
Democrats after all these years, ideological 
moderation in pursuit of the presidency is 
no vice. Nor really is “moderate” the right 
word. Together, these candidates are com- 
mitted on their records to what are pretty 
dearly progressive policies across the full 
range’ of domestic issues; they seem to us to 
have a fairly balanced approach to national 
security questions as well. 

It is a young ticket, but these are not 
inexperienced men. The Democrats will have 
a lot of their eggs in the southern basket, but 
that has at least as many possible electoral 
advantages as not In a number of areas of 
expertise, from arms control to threats to the 
environment, Mr. Gore’s credentials will 
strengthen the ticket Surely there is nothing 
wrong with that The Democrats are present- 
ing America with a good choice. 

— THE WASHINGTON POST. 


The Torch Is Passed 


When Governor Bill Clinton introduced 
Senator A3 Gore as his running mate, Mx. 
Gore stressed that it was time for a new 
generation of leaders to replace those he 
said have run out of energy and ideas. The 
Democratic candidates, both in their mid- 
AOs, present a youthful contrast to President 
George Bush and Ross Perot, both in their 
60s. But more important are the historical 
forces that have shaped this younger genera- 
tion of political leaders, the first to be born 
and grow to maturity after World War n. 

Certainly, people became who they are 
through individual experiences. But it is also 
dear that Mr. Clinton and Mr. Gore are a 
cohort apart from previous political genera- 
tions. just as those in the Kennedy adminis- 
tration stood apart from the men who domi- 
nated politics before them. They came of age 
through the same nation-shaping events. 

Vietnam is the most obvious one. Ameri- 
cans who matured before that war believed 
that the nation was invulnerable in the Odd 
and steadfast as a force for good Vietnam 
shook both these beliefs. That Mr. Gore 
served and Mr. Clinton did not recalls the 
painful division that the country experi- 
enced. The Clin ton -Gore candidacy re- 
minds us that there were brave, principled 
people on both sides of the Vietnam debate, 
and that those divisions may yet be healed. 

The rivii rights movement is another cru- 
cial experience shared by the two men. Mr. 
Clinton, from Arkansas, and Mr. Gore, from 


Tennessee, both came of age in states deeply 
affected by the national struggle against rac- 
ism and segregation. In 1957 federal troops 
arrived in Little Rock, Arkansas, to provide 
black children safe passage to school. In 
1968, Memphis, Tennessee, was the sight of 
Martin Luther King’s assassination. The two 
know firsthand how racism poisons society. 

The women's movement was unfolding 
as well, bringing new attitudes and values 
that have affected both men’s lives. Hillary 
Clinton and Tipper Gore have both raised 
families and asserted themselves outside the 
home. Thor husbands believe that deci- 
sions on abortion and reproductive rights 
belong in the hands of women. 

The two Democrats have something dse 
in common: Both chose political careers 
early and have become expert practitioners. 
Mr. Clinton is held in high esteem by his 
fellow governors. Mr. Gore has earned re- 
spect for his incisive work on foreign policy, 
arms control and the environment. What a 
contrast to Mr. Perot, the business whiz 
who boasts of his political inexperience. 

Mr. Gore brings candor to the Democratic 
ticket Whereas Mr. Clinton exposed himself 
to derision by saying he had esqxrimented 
with marijuana but never inhaled, Mr. Gore 
defused the issue deftly in the 1988 campaign 
by acknowledging youthful marijuana use 
and getting on to more important business. 

Whatever factors went into it the choice 
of Mr. Gore marks the passing of the torch 
in the Democratic Party. 

— THE NEW YORK TIMES. 


Keep the Heat on Saddam 


Reports of a recent attempted and abort- 
ed coup in Iraq have caught Washington in 
a mixed mood. It is good news -—if true — 
that Saddam Hussein may be losing some 
of his grip on the Iraqi military. But it is 
discouraging to consider that this evil figure 
remains in power, defying the United States 
and all the other states that would like to 
see him gone. It is especially bitter and even 


politically costly to the Bush administration 
that Saddam Hu 


lussein not only survived a 
military pounding but may yet outlast Pres- 
ident George Bush in office. 

It seems that the Bush administration has 
used intelligence and propaganda means to 
try to embolden some of the Iraqi oppo-, 
neats of the dictator to push Mm out But 
the administration has withheld full politi- 
cal support from Iraqi opposition elements 
and has hesitated to be seen cranking up 
any new military operations. This policy of 
one foot on the accelerator and one foot on 
the brake reflects more than Washington's 
embarrassment at having earlier encour- 
aged more boldness by the Iraqi resistance 
than it was prepared to support. 

The prevailing sentiment is that the main 
danger posed by Saddam Hussein has been 


and is being contained. Most governments 
are prepared to live with his quieted tyranny. 
There is a case to be made that, given the 
circumstances, this is an acceptably expedi- 
ent policy. Its continuance can be justified, 
however, only if some of the particular as- 
pects of it are kept steady and sharp. 

There can be no slacking in the pursuit of 
Iran’s lingering special weapons, nuclear 
and otherwise. There can be no softening of 
the economic embargo and of Iraq's politi- 
cal isolation except on the controlled terms 
approved by the United Nations. Kurds 


inside Iraq, and any other democratic op- 
sitionde 


position dements in exile, deserve political 
respect and cooperation. The air shield that 
Americans and others provide over the 
Kurds’ lands in northern Iraq must be 
maintained; for them and only for them, 
the international embargo on Iraq ought to- 
be relaxed. Arrangements must be extended 
for the foreign providers of relief. 

Such measures do not guarantee that the 
regime of Saddam Hussein will go. They do 
keep the Iraqi leader under pressure, limit' 
the further damage he could do beyond Iraq 
and offer some hope for a successor regime. 

— THE WASHINGTON POST. 


He Got the Words Ri 



The period before World War II produced 
a remarkable now of talented young Ameri- 
cans into international jour nalism. Coming 
— many of them — from the Midwest, they 
sallied forth into a troubled world and be- 
came absorbed in conveying its galloping 
discontents to a public back home. Most of 
them, like Eric Sevareid of CBS, who died 
Thursday at age 79, were Roosevelt liberals 
who believed that the United States had to 
go to war against Hitler and, later, that the 
wuntry could not lapse back into isolation- 
ism. The members of tins smatf, distin- 
guished and. in time, famous band came to 
play a historical tola They became the 
chroniclers and authenticators of the passage 
of (he United States from an inward-focused 
country into one striding the world. 

Eric Sevareid came out of North Dakota 
and Minnesota and was working for United 
Press and the New York Herald Tribune in 
fans when Edward Munow, attracted by his 
seriousness and his way with the lan guage 
hired him for CBS radio. He had his journal- 


istic scoops, including the surrender of 
France. (They don't nuke scoops like that 
anymore) Bui, as Paris colleague William 
Shirer put it Thursday, Eric Sevareid felt 
himself part of a heartland literary tradition 
established by Theodore Dreiser and Sinclair 
Lewis, and he was thoughtful, he wrote well, 
and he did not suffer editors meekly. When 
he went to tdeviaon, and especially when he 
moved from hard news to commentary, 
viewers saw him as a paragon of quiet, sono- 
rous and authoritative cooL But he tended to 
squirm a bit in Ms chair and to fret about the 
lights and to concentrate —you ooukl see it 
cm the screen — on getting the wards right 
Eric Sevareid was of a select few who 
established the pattern of journalism — the 
special chemistry of shocking event, engaged 
communicato r and mass audience — in Ms 
time. He brought decency and a sense of 
America's worth, and its vulnerabilities, to 
the experience of seeing America into the 
world. He got the words right. 

— THE WASHINGTON POST. 


INTERNATIONAL HERALD TRIBUNE 

KATHARINE GRAHAM, ARTHUR OCHS SULZBERGER 

Co-Chairmen 


LEE W. HUEBNER, Pubtohrr 

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Edilors * CARL GEWIRTZ Associate Editor 

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JUANITA I. CASPAR!, Ajmddng Sola Director • ROBERT FARRE, GmJxUm Otnew, Europe 

181 Awcnuc Chariewk^GaiiJle. 92521 Neuilly-sur-Seine, France. 
W.9JJ& Teta: Advertising. 613595; Circulation. 612832; Editorial, 612718; Production. 630698. 
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. Chairman from 1958 to 1982: John Hay Whitney 

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r E RCS Nantene B 732021126. Commission Pantatre No. 61337 
“ international Herald Tribune. AO rights reserved ISSN: 02944032. 



OPINION 


Democrats 
Gin Cash In 
This Time 


MsrTfim ! 

WE. YE ylUST 


By George F. Will 


CORNERED 
THE SOUTHERN 
WHITE MALE 
MODERATE 
&ABY300MER 
WITH 

MEplUM BUILD 
and suck 
Haircut 
VOTE/ 


■j^T EW YORK — One 


years rebuilding one's 


four 
ief that 


political conventions come ’round 
a ffitti Conventions usually are baling 


the former worn by people a tt e nd ing 
for fun, the latter hda by people grim- 
ly earnest Usually conventions do 
more da ma g e to Democrats than Re- 
publicans because Democrats believe 
m government and hence demand 
more from it and, thus seem, in con- 
vention assembled, like a swarm of 
imperious appetites. Republicans are 
more content — that is one reason 
they are Republicans — and so seem 
more serene »nd disinterested. 

However, this year is different be- 
cause Republicans are talking the 


sort of rot usually heard from the 
party that is outside 


looking in. The 

out-of-power party usually says that 
the nation's values are disappearing 
down the drain with a horrid gurgle. 
But this year that is the peculiar insis- 
tence of the party has held the 


presidency for 12 consecutive years 
. and20oft 


the last 24. 

Dan Quayle has been values-mon- 
gering. saying George Burii is for “ba- 
ric values." or Yamzly values," and 
doesn’t regard “aD life-style choices as 
morally equivalent” Mr. Qnayte's in- 
nuendo — that Bill Clinton so regards 
those choices — is. presumably, a re- 
sponse to the Arkansas governor’s 
courtship of gay voters. 

Apparently Mr. Quayie’s idea — 
the only Republican idea just now — 
is that presidents are the nation's 
moral tutors, or role models, or some- 



thing. Anyway, presidents supposed- 
ly make the difference between excel- 


lent and disastrous “life-style 
choices.*' Gosh. Murphy Brown is in 
her 40s, which means she, tike most 
Americans, has lived most of her life 
under Republican presidents. 

Republicans are harping on some- 
thing barely relevant to presidential 
duties — ‘life-style choices" — be- 
cause of the intellectual bankruptcy 
of Bush-style Republicanism, ana be- 
cause Democrats have made them- 
selves vulnerable to exploitation of 
the nation's sense of disorder, moral 
as well as materiaL 

Once upon a time, during the De- 
pression and after. Democrats con- 
centrated on material matters such as 
FDR’s one-third of a nation ill- 


boused, ill-dad, ill-nourished. The 
New Deal also began the federal gov- 
ernment’s conscious expansion of the 
middle class. All this made the nation 
more conservative because it blunted 
the appeal of class-oriented politics. 

But beginning 30 years ago, the 
very success of thepotiries of materi- 
al ameli oration tnadu iVv Democratic 
Party susceptible to a radicalism — a 
radical reorientation of politics. 
Democrats, or at least many intense, 
articulate, materially comfortable 
and politically conspicuous factions, 
became preoccupied with what can 
be called ‘‘identity’’ issues — rights 
based on ethnicity and sexuality. 

The old material questions of dis- 
tributive justice lack the emotional 
kick that cultural questions now have 
in a nation unnerved by the fact of a 
perverse correlation: prosperity and 
disorder have increased in 

That is why it is folly for Demo- 
crats to convene here in whal used to 
be New York City. No city has 
changed more for the worse in 40 
years. It is now a cautionary symbol 
of the social disintegration that has 
coincided with the elaboration of the 


welfare state (nowhere more improvi- 
dently thao here) and with the expan- 
sion of individual and group “rights,*’ 
which Democrats have chanmaned. 

Mr. dinton's choice of AIGore as a 
, mate may signal a turn back 
fa pofitics that gives order; and 
mundane material preoccupations, 
their due. Certainly it signals a ccttfi- 
dence about cracking the Republican’s 
presidential base, the South. The Ar- 
iaosas-Tennesscc tided; is the first 
i ticket since 
ticket of Tru- 
man-Baridey — not a bad omen. 

A conservative working for Mr. 
Bush says Mr. Clinton could win if 
voters conclude that Mr. Clinton's 


election would catalyze something 
i “Hawthorne effect** That can- 


like a 

cept derives from experiments 60 
years ago at the Hawthorne plant of 
Western Electric near Chicago. 

Efficiency experts studied 13 wom- 
en assembling telephones. Many 
variables were controlled: light and 
temperature in the workroom, the 
rest and nutrition of the assembles. 
Startlingly, productivity rose with ev- 
ery change. At last die experimenters 


Notions Must Lead When Collective Security Stalls 


P ARIS — The challenge to American world 
leadership that many saw in the Group of 
Seven meeting in Munich was in fact a challenge 
to America's predominant role among the indus- 
trial democracies. Leadership is something else. 

The West European countries, collectively, are 
by gross measures of economy and industrial 
production more important today than the United 
States, and are mostly in much better economic 
ami social health. Hence they have proved increas- 
ingly unwilling to yield to Washington's wishes 
concerning policies of economic stimulus and 


By William Pfaff 


an air bridge despite the unresolved threat of 
Serbian artillery in the hills around Sarajevo and 
the danger of crossfire at the abport itself. 

After that, the United Nation’s Canadian bat- 
talion from Croatia opened a land route to Sara- 
jevo, and the other Europeans and the United 


Stales joined the airlift. 

Nothing would have happened without 


growth, and on farm subsidies and other obstacles 
to a new world agreement on trade liberalization. 

But if leadership has moved to Europe, as in the 
Bosnian crisis, it is because President George Bush 
has been umviQmg to do anything that might risk 
Ms already shaky re-etecrion prospects. It is a case 
of American remind anon, or abdication, of a 

leadership it migfar otherwise have easily claimed. 

The French argue that Europe now leads in 
dealing with the former Yugoslavia, and they 
have pressed to expand that European role at the 
Confej 


conviction in France, promoted by Ihenrinislen 
health and humanitarian action, Bernard 
Koudmer, among othera, that the international 

c om m u ni ty has a rigid 10 make hwimpi fr rian 


Britain makes a very sound argument against 
armed ground intervention, based on its experi- 
ence in Northern Ireland, Germany still is legally 
precluded bom taking part in such an action. 
The Japanese are out who is left? Of the larger 
G-7 states only the French and Italians. 

Not are the NATO powers in agreement The 
United Stales, Germany and Britain make the 
biggest contributions to NATO, and they are the 
stares most reluctant to intervene on the ground 
in 

Union j„ 

because of French and Italian 
The idea that the United Nations, European 
CommimityOTtbeCSCEarecapabteijfcolJeOTve- 



tbe post-Cotn- 
isup to individual 


The leadership of the past two 
weeks on the Yugoslav crisis has 
come from France, not r Europe . 9 


ferenoe on Security and Cooperation in Eu- 


rope and Western European Union meetings in 
Helsinki that followed the M 


i Munich gathering. 

However, the French do themselves a disser- 
vice in talking about European leadership. There 
has from thebeginmng been no collective Euro- 
pean action on the Yugoslav war that has had 
any serious effect. Lord Carrington's mediation, 
the powerless EC momtotmg groups, tire West 
Europeans' confused response to the new Yugo- 
slav successor-stares' demands for recognition, 
have done next to nothing to check ethnic vio- 
lence or Serb and Croatian expansionism. 

The leadership of the past two weeks has come 
from France, not “Europe." The Sarajevo airport 
was opened, and the humanitarian airlift made 
possible, by President Franqois Mitterrand’s visit 
to Sarajevo, the dispatch of some 300 French 
marine commandos to reinforce the small Cana- 
dian UN detachment already at the airport, and 
the willingness of French air force pilots to open 


interventions that ignore national sovereignty- 
when grave violations of human rights exist, 
France plans to send nine helicopter gunships to 
defend the airport, plus more troops, to be joined 
by Egyptian and Ukrainian UN detachments. 

There is in this an important lesson about 
leadership — one which the Gulf War should 
have taught — that needs to be grasped if tire 
potentialities as well as the limitations of interna- 
tional cooperation are to be understood. 

Groups do not lead. Individual governments 
lead. Europe as a group of stares was incapable 
of acting effectively on Yugoslavs because it bad 
no common judgment on the implications of the 
crisis, nor on what should be done about it 

It does not agree even today. In Munich, the 
Group of Seven threatened military intervention 
in Bosnia. It will have serious problems carrying 
this out. Hit comes to the test The United States 
has already said it w£Q supply no ground troops. 


sons, fo rming coalitions of the like-minded in 
support of their initiatives. It was the British 
defense seaetary. Malcolm Rifldnd, who ex- 
pressed this a few days ago when presenting Par- 
liament with a new White Paper on defense strate- 
gy. He said Britain, like France, has a historical 

Tityin today’s international conditions. 

e” would not have rescued the Falk- 
lands. “Europe’' assumes little effective responsi- 
bility for disorder and hunger in ex-colonial 
Africa. “Europe” cannot agree on what to do 
about Yugoslavia. It was the United Stares, not 
(he international community, that decided that 
Iraq had to be ejected from its aggression in 
Kuwait It was Britain, not the international 
community, which derided that the Kurds subse- 
quently had to be given armed protection. 

In each case the crucial decisions have been 
taken by individual national governments, who 
then turned to their allies for a consensus of 


approval for what they were doing, and lor such 
assistance as each of t" 


the alfas was willing to 
supply. This is bow it has worked, and this is the 
way it is going to work for the foreseeable future. 
International Herald Tribune. 

© Las Angela Times Syndicate. 


Southern Africa: Hopes Are Drying Up in Drought 


H ARARE, Zimbabwe — Even a 
world inured to television pic- 
tures of gaunt famine victims should 
care about the devastation menacing 
the southern third of Africa. Eleven 
countries, with a population of store 
than 120 million, are living under a 
drought previously unknown to the 
region in its sweep and severity. 

The rains that should have fallen 
last spring — October and November 
in the Southern Hemisphere — did not 
come at all in many places. The com 
that is nulled into the area’s staple 
meal never grew. Lakes dried up. 

Outside South Africa, the region's 
industrial powerhouse, 1 7 mflbon peo- 
ple are under direct threat of starve 
tksL Even Sooth Africa has been se- 
verely hurt. Usually an exporter of. 
coromeal, it wiD have to import more 
than five million tons by next May. 

-WeTl be lucky if a lot of people 
don’t suffer and die;” said David Mor- 
ton, regional director of the United 
Nations World Food Program. “The 
grain is available in tire world. We're 
talking money — and time.” 

At a conference in Geneva six 
weeks ago, donors pledged $526 mil- 
lion in aid to southern African 
drought victims, most of it coming 
from the United States, tire European 
Community, Japan and Scandinavia. 
The total was only 60 percent of the 
estimated need 

Mr. Mortem said the countries 
worst hit by the drought are Mozam- 


By Anthony Lewis 


bique, and Malawi, Zimbabwe and 
Zambia. He pointed out that they are 
the countries of the region with toe 
mast severe transportation problems. 

Mozambique has been ravaged in 
the long war against the government 
by Rename, which kidnaps peasants 
and kills or mutilates those who resist. 
Moving anything is difficult and dan- 


gerousln most of the cot mtig'^T he 


other three nations are landlt 
Rename’ s war has produced one 
dramatic illustration of the drought 
Zimbabwean troops protect a corri- 
dor from the port of Bora, in north- 


ern Mozambique, through which a 
highway and tail line nm to Zimba- 
bwe. Hundreds of thousands of Starv- 
ing refugees from Renamo-hdd areas 
are camped along the Beira highway 
and are getting some relief food 

Efforts begun two years ago to re- 
construct Bara’s port have fortunately 
been carried out to a significant ex- 
tent. Six ships were nntoadmg grain 
there the other day, and the ion to 
Zimbabwe was jammed with trucks. 

The other ports being used are 
Maputo in Mozambique, Durban, 
East London, Port Elizabeth and 
Cape Town in South Africa, and the 
South African territory of Walvis 
Bay in Namibia. There also is Dares 
Salaam, Tanzania, from which grain 
has to move to Zambia on a decrepit 
railroad and highway. 


So far the largest part of emergen- 
cy grain supplies have crane through 
South Africa. There has been good 
cooperation between South Africa 
and its neighbors. Even Zimbabwe, 
which bad refused to have any kind 
of high-level contacts with the white 
regime, sent its transport minister, 
Denis Norman, to work out plans. 

“Food is moving," Mr. Morton 
said, “but time is running ran.” What 
maltag this drought so devastating be 
added, is that it covers the whole re- 
gion. In the past (his country or that 
has had trouble but has been able to 
buy from another in the region, usual- 
ly South Africa or Zrmhabwe. Bring- 
ing grain from across the world takes 
months and costs much more. 

Die drought is haring deadly rip- 
ple effects on local economies. Zim- 
babwe usually produces 460,000 tons 
of sugar, much of it for export This 
year the cane crop was just 12,000 
tons. Cotton, used in a profitable 
tactile industry, is down 70 percent 
Bulawayo, the country’s second dty, 
has only a 40-day water supply left. 

The growth rate in Zimbabwe is 
negative now: minus 8 to minus 10 
percent ^ The official inflation rate is 43 
percent. Prices are bcund to go higher 
with the cost of imported com, sugar, 
cotton, oil and other staples. 


better times were coining: racial con- 
flicts easing, regional growth a real 
possibility. Now people are thmlrfng 


only about getting through to tire 

if it comes. 


next ram 


The New York Times. 




Drug War 
Won’t Stop 



By A- M. Roseniiiai 

XT EW YORK — I>mbcrats 
IN Ross Perot talk of toe need for 


rhntige in the way our governments 
think and act. All rifihL 
WaslungLoa Heights* tor -New 
York, gives them a chance to prove 
they are capable of doing anything . 
about change excepttalk. * # 

In the lobby of an apartment ' 
building, a ponce officer shot rod 
wned a Dominican who lived m tob 
neighborhood. Immediately and- 
wit out inquiry, some other residems r 
of Washington Heights cried nmrtiec. 
Hoodlums used tire de m on strations 
to smash windows and bum qbs. • v . - 
Some appeared on TV to amtouace" 
their sociological goal: to teach toe 
cops 


ir sociological goal: to t 
ys a lesson. In th& city’s 
ises. notice said what thel 


concluded that the experiment itself 
— the interest shown in toe workers’ 
— worked- It inspirited the workers, 
making them more efficient. 

A ’“Hawthorne effect” is un- 
proved performance by the man 
fact of change. America is suscepti- 
ble to political “Hawthorne effects” 
because Americans, being optimists, 
associate change with improvement 
Change ™vw» them chaarftnl, and 
more productive: Hopeful people 
work better, invest more, stay in 
school, have babies. Happiness has a 
huge multiplier effect 
Franklin Roosevelt (nothing to 
fear but fear itself; happy days are 
here again) understood th«, as aid his 
most suocestful emulator, Ronald 
(“Morni ng in America*^, 
r. Clinton can defeat Mr. Bush if 
he can remember what Mr. Reagan 
said, what Mr. Roosevelt understood 
and what subsequent liberals have 
forgotten: Americans are happiest 
when pursuing happiness, happiness 

understood as materia] advancement, 

pursued with government’s help but 
not as a government entitlement 
Washington Past Writers Grotty. 


r s product 
eWJiffifr 
use — w*e risk our lives every day and 
are denounced as murderers.- ■ 

If tins fires stay oat for the edowen- 
tion, it wiD be partly because Mayor 

some neighborhood entrepreneurs 
the drug gangsters who run. Washing- 
ton Height and leaped into rarap^e: 
They will decide if they’ve made 
their point to the police^ —back ottv 
and if more rioting might scareaway 
too many customers. 


ay cus 

Yes, there was anger and poverty 
me ciin-' 


in Washington Heights. But 
cal, manipulative importance of 


pritrnwals b&s not yet taken full 
in New York or toe country. Z 
Over the years I learned that cer- 
tain law enforcement people tdl me ; 
the truth at least as often as the doct- ^ 
ed officials, bureaucrats, generals, • 
diplomats and bosnessnen wbo'peo- 
vide most of the ixffGDoratkm ftette 
press. These law people draw -tins 
outline of what happened: 

The man who was killed was a 
member of Los Ctbanos, part of a 
network of Dominican gangs: The ’ 
shooting took place in a braking that ' _ 
is one of the gang's t h ree centers—- •- 
among scores of simOartfiAztoutoa . - 
of drugs and death in the neighbor- f 
hood. On that street, at least eight / 


■druj^murdeis have taken place. 


autopsy shows that the nun . 
was shot in the stomach and “across"’ 
the back — meaning he might have 
been staadmgriden^^notvhz toe 
bade,” as hasbeen reported. The offi-i 
cer says the man hada gun. . - 
. Yes,pe<^likeme,b!OUght ai>in 
safe families .in safe, cop-admiring 
working-class ncighbothoods, tend to 
trust the police and have no fear of 
them, ftople in Washington Heights 
have both distrust and feir. 

But they know better titan, pry- 
. body that the spraying bullets that 
IdcB tbmitoildreaMiiwnotfiom 
Bee but from their drag-dealing 
neighbors. That may be why only a 
relative few in a crowded neighbor 
hood of hundreds of thousands took - 
part in the demonstrations: 

If necessary a jury will decide, on 
the officer’s conduct But without 
any jury we know that tike hundreds 
of other American neighborhoods it 
is dominated by drug gangs armed 
better than the police. Thertfs a drug 
war rait there, though toe phrase tfis- 



#i 








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f-i' 


t*vf 




B=SV- : _ 

te "'I. 
^ 
e£i :r:- • 

Ccr 

ffi&K'- — 


HSi - - • 
ev :a- :**■ 
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fo-Ra— 


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uauiniiti.'’/'.' 

i-si 7* :: 








J-JCH.-flr.-- 


ttuhs delicate sensitivities. 

In their platform the Democrats 
hove one sentence on drags. Gover- 
nor B01 Clinton, Senator Albert 
Gore; Jesse Jackson: If Democrats 
want change, then change the canned 
convention age nd a; break it open to 
talk about the drag war. 

They could invite Dr. MitcheD Ro- 
senthal toe drug-therapy leader, who 
can. tdl them of the desperate need 
for long-term treatment in special 
centers ami prisons where millions of 
addicts could be helped to drug free-. 


dom. They could invite Robert Mor- 
au, the New York district artor- 


gentoau, r 

ney, who might educate them about 
what is going on in the captive neigh- 
borhoods. And they should get Me, 
Jackson to make a speech on. what 
drugs do to African-Americans. 

Then the Democrats could show 
‘tiapge by putting out a new, fail!" 
anti-drug platfotm. 

Ross Perot — you said long ago 
you had a drug plan that would not 
be pretty. We want legal, never mind 
pretty. Let’s have it now — your 
obligation to every Washington 
Heights in the country. 

Tfijt if neither the Democrats nor 
Mr. Perot want to trouble ttuansdves 
too mnch about drugs, there is anoth- 
er solution — legalization. That 
might reduce the number of Hiw« 
Of course, it would also increase 
toe number of addicts, ACM rib- 
tuns, babies born with ever-dam- 
aged brains. And it would amount to 
genocide against toe major drug vic- 
tims — blacks and HispanicsTMay- 
be they wouldn't mind. - . ^ - 
The New York Tima. . . . 


IN OPR PAGES; 100, 75 AND 50 tEABS AG O 
1892: BastOle Boycott 


PARIS — The members of the labor 
organization of the town of St Na- 
zaue refuse to celebrate tin national 
F£te of July 14, on the grounds flat 
only the bourgeosie have derived ad- 
vantages from the destruction of the 
Bastille. They considered themselves 
as much wronged as in 1789; and 
they declared day would abstain from 
all demonstration, and henceforth 

odyrecogmseasafgtedayMayLthc 
day chosen by the workmen of the 
entire worid to formulate torir right* 


sives. She has offered the Allies tuffa- 
vorable conditions for transport fry. 
ran and is retaining a 1 
tooaage in her ports. 


1942: YIdby Accord? ' 

MOSCOW ^From our New York 


'JS2S W17: Sweden Accused 


AH tois is a cruel blow to a country 
i to flunk 


and a region that had reason i 


NEW YORK ■ — An official report 
reorived by the Government states 
that enormous quantities of raw ma- 
terial for the manufacture of war inj- 

plemmts are being sent from Sweden 

m to Germany. The report also sins 

that Sweden has exported to toe Cm- 
wA towers 200,000 tons of wood 
pulp, for toccefluloreured to replace 
cotton m the manufacture of explo- 


editioiL'j The Moscow radio broad- 

[Rtiy nj a dispatchlty . 
Tass, the official Soviet news agency, . . 
rcP°tttog 11 competed t French 
swws” had declared that the Vichy- ; 
government had agreed to give Ga- : 
P^ny control at aB important war 
mstaUat «»is, railways and ports in 
“““fpwd France. The SSmatch • 

5 er ? ails ***■ agreed mi? ‘ . 
nm to transfer French government .= rJi 

^^^P^ J?reSQat *** inV " 1 ’ ' a 


Sif-T- 

. 

;\I~, r>=_. . 

-• ~ 

:i» r a- ' 

j.v . .. - 


"JiV-r.-s. - ' 

T1 ~t = . ~ - 


•Tt*-:- . 

■fciUV 




I,w cp'r = - 


■ si . 




. . -sources were 

“Presented as saying the removal of 
toe oemarrmnnn m» luh,^ ■ ^ qq. . 


jjsn was reported to haw grafted lie 
unmans pennissioato esiabfish a ua-' 
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A Collector’s Enlightening Mistakes 

T arc ‘ ' .'Sf ~ 1 

I ••• *\-v^ -• > - J . . . ... 


Intemniom} Herald Trite* ■ 

L ONDON — Great collectors are 
invariably judged by the acumen 
of ibor perception and the coups 

tbey made. Yet, ibequaUty of thor 
mistakes can be just as enlightening. On 
Tuesday. Christie’s safe of the urii-end of Ian 
Woodoer’s collection of Old Master draw- 
ings gave his peers a rare chance to measure 
the false hopes with which each collector, 
however brilliant, will delude himself ar one 
tune or another. 

■ Woodnar, the New York colleclw who 
died in 1990. was one of the genuine lovers of 
drawings in this century. An architect by 

SOIJRES MELHQAN 

training — he made a fortune in real «tai» 
— he. was also a remarkable draftsman and 
pastel painter influenced by Turner and Re- 
don, whom be collected passionately. 
Woodnerknew at the Up of his fingers what 
drawing is about. This was both a strength 
and a weakness. Without tins craftsman’s 
sensitivity, Woodner would never have 
brought together the stunning group of early 
Goman drawings and 15th- and I6th-cen- 
Uny Italian works that were acquired last 
year by the National Gallery in Washington. 

His skills also allowed him to look at 
drawings that other collectors might have 
found too austere. Tuesday’s sale included a. 
study by Federico Zuccaro for his “Submis- 
sion of the Emperor Frederick Barbarossa to 
Pope Alexander □I." It looks like patchwork 
because die 16th-century master literally in- 
serted here and there patches with correc- 
tions or improvements. To Woodner this was 
a gripping insight into the creative process at 
a time most otitis peers would have blinked 
at the dark scribbled sheet On Dec. 8. 1972. 
the collector lad paid a mere £540 for it at 
Sotheby's in London. On Tuesday, the Zuc- 
caro went up to £5,500 ($10,450). 

W OODNER'S sharp eye similar- 
ly allowed him to recognize a 
great drawing even when the 
name meant virtually nothing. 
A typical curiosity in Tuesday's sale was a 






,~1 

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- *S'-5> 


An uncertain Tiepolo , “ Saint Fidelis of Sigmaringen, " not sold. 


wonderful an that others might not recog- 
nize as promptly as he did. it could also 
induce him to lake too generous a view of the 


Freadi portrait of the 16th-century poet Ju- .works he looked aL With irresistible opri- 


Ken Riqueur by another poet. Benaut, a 
friend of RonsanL Bertant is known as a 
draftsman and painter but no portrait of his 
had ever been recorded. A poem by Bertaut, 
written in a 16th-century band, is addressed 

to Riqueur, firmly identifying both sitter and ments often turned out to be no more than 
artist The head of Riqueur is a gem of wishful thinking. A fine drawing represent- 
Clouet school portraiture. On Tuesday, it ing Saint Andrews draped in a rather monu- 
made £4,620, a vast amount for a small mental posture was thus bought by Woodner 
drawing by an almost unknown master. with a tentative attribution to Bartolomeo 
The professional draftsman that Woodner Montagna, 
was loved the first thoughts of his fellow This would have made it a desirable late- 
artists of thepasL The sketch of “A View of 15th-century work. In Christie’s catalogue, 
Delphi” by Gaude Lorrain is a quick scrib- alas, it was downgraded to “North Italian 
ble m black chalk for some New Classical school circa 1545." and fetched a modest 
composition. Woodner bought it for $4,400 £2,200. At that price, it was a real coup for 
in New York at Sotheby’s on Jan. 16, 1985. Jean-Luc Baroni, the brilliant partner of Col- 
He would hare chadded with delight ai the naghi's who has been running tbeirOid Mas- 
£12,100 it made Tuesday. ter drawings department for a decade. As 

JButwJulehis instant receptiyeness to other Baroni points out, the best bargains at auc- 
draftsmen’s ideas aflowed Woodner to buy . tkm are often works of art lhat. have. been 


blown up out of proportii>n and then demot- 
ed — no one will look at them. The would-be 
Montagna is. in fact, an archaistic drawing 
by the Roman scfuxil artist Girolamo Sicrio- 


mism, be would accept attributions that lame da Sermon ern. who was active in the 


were, at best, conceivable. In the late )%0s 
and early 1970s. when still a beginner, he 
bought a great many drawings from William 


second half of the 16tb century. Woodner 
was right to get that interesting drawing. The 
only problem is that he probably paid the 


H. Schab of New York, whose pronounce- price that a Montagna would have cost. It, 


considerably more than a Sicciolante da Ser- 
monela would warrant. 

A more subtle trap into which Woodner 
was paradoxically precipitated by his flair 
for fine draftsmanship is illustrated by the 
sketch or “Cain and Abel" which he bought, 
from Schab again, as a Luca Cambiaso. In 
1983-84, when it toured U. S. museums with 
the Woodner collection, it was still labeled 
Cambiaso. But on Tuesday, the catalogue 
entry read “Attributed to Luca Cambiaso." 
In auction-house speak, this means “obvi- 
ously connected to Cambiaso and equally 
obviously not from his hand." Too elaborate 
to be by Cambiaso, who reduces human 
figures to geometrical constructions, it is well 


j worth the £5.880 it made on Tuesday. But as 
a Cambiaso. it would go for 10 tunes that 
amount. 

Even more devastating financially is the 
downgrading from “Annibale Carracci" to 
Banolomeo Cesi (1556-1629) of a forceful 
sketch in red chalk of a youth carrying sticks. 
On the back, a beautiful study of a veiled 
woman looking down with a smile of resigna- 
tion. hands clasped, is irresistible. Sold Tues- 
day for £16,500 it would be worth between 
£1 50.000 and £250,000 if a Carracci. 

T HEN there were those cases that 
will always leave a shred of doubt. 
A studying pen and brown ink of 
“Saint Fidelis of Sigmaringen 
crushing Heresy with Saint Joseph of 
Leonessa" is catalogued as a Tiepolo. Bui as 
it came up, Noel Annesley. Christie’s No. 2 
who was conducting the auctioo and is a 
connoisseur of Italian drawings, announced 
that, according to the specialist George 
Knox, it “could well be a copy by Giovanni 
Raggj after a lost drawing by Tiepolo." The 
great drawing is one that would have ap- 
pealed to Woodner with good reason. But 
the uncertainly killed iL The either-Tiepolo- 
or- Raggi was bought in at less than half its 
low estimate. 

Perhaps the most subtle mistakes, if this is 
the word, that Woodner made because of his 
receptiveness to the draftsman’s creative 
process are those that concern great masters 
and their technical approach. On June 15, 
1990, Woodner, bidding though the French 
expert Bruno de Bayser. acquired at Drouot 
a drawing by Ingres. The preparatory study 
for “Oedipus and the Sphinx." Lightly done 
in pencil is squared. It cost Woodner 
928,748 francs. Bui to anyone other than a 
professional artist, the squaring in this case is 
ofipulring. The drawing is a bit dry. Even 
though the finished painting in the Louvre, 
dated 1808. is important, the study went 
down unsold at £38.000. not even half the 
amount it cost Woodner two years earlier. 

Add here and there a few outright faux pas 
often made by Woodner in his early years as 
collector. Of the three “Nicolas Lancrets" he 
bought (all from Schab). only one .survives 
with this label today. 

None of ibis reduces the stature of 
Woodner as an outstanding collector and 
connoisseur. He loved drawings too much to 
bother to dismiss what be had bought simply 
because it turned out to be something differ- 
ent. Nor did be have the concern, often 
inspired by vanity, that drives some collec- 
tors to “weed out.” They may thus reduce 
their holdings to museum-level perfection, 
projecting a flawless image of what they once 
yearned to own, but it hardly says anything 
about the meanderings of the collector’s 
mind as be embarks on the journey full of 
surprises that any true collection is. 

To quote De Bayser, “Whatever drawing 
you look at. vou can see the reason he had for 
buying iL" George Abrams, a Boston lawyer 
and collector of Old Master drawings, puts it 
differently: “He loved these drawings. He 
had great fun with them." This is the roost 
apposite epitaph Tor any collector, in any 
field, at any time.- . ; -* _ 


In a Tough Auction Market, Only the V ery Best Sells 

hoeniotionat Herald Tritnme ^ the second half of the 1 1th century of English jewelry datable to the vated, it is unique in English jewel- Albert Museum, were the underbid- 

L ONDON — Increasing in Cologne. Three tiers depict the )3lb century. Sapphires are mount- ry history. According to trade ders. The object was knocked down 

contrasts are being ob- Crucifixion, the Ascension and Je- ed in delicately wrought gold. The sources, ii was bought some time to Zietz, one of the great connois- 

served by the day be- susas the Salvator Mundi. It once piece is probably not a clasp, as ag 0 j or about £100. resold later in seure of medieval and Renaissance 

tween the very desirable formed part of a book cover and stated in Sotheby’s catalogue. Ac- „r *i nnn «^h,,iki art in the London-based trade. The 

price was £30,800 — winch hardly 
seems unmanageable for an object 
of national interest 


International Herald Tribune 

L ONDON — Increasing 
contrasts are being ob- 
served by the day be- 
tween the very desirable 
and the passable. If overestimated, 
however shghtly, art that is good 
and no more, simply won’t sell. 

This took an extreme form on 
Thursday at Sotheby's, where the 
auction of “European Sculpture 
and Works of Art" came close to 
turning into a disaster, with 107 out 
of 230 lots offered in the morning 
failing to find buyers. But in that 
very session Sothdiy's also record- 
ed some big successes with two re- 
nuukahle works from the early 
Middle Ages, each of comparable 
rarity in its category. 

< One is an extraordinary ivory 
plaque from Germany carved in 


the second half of the 11th century 
in Cologne. Three tiers depict the 
Crucifixion, the Ascension and Je- 
sus as the Salvator Mundi. Il once 
formed part of a book cover and 
has been attributed to the same 
artist who executed a Crucifixion 
relief on the bode commissioned by 
the abbess Theopbanu of Essen 
(1039-1056). The cover is preserved 
in the treasury of lbe Essen cathe- 
dral. 

A dark band across the plaque I 
and some whitening slightly disfig- 
ure theobjecL which is otherwise of | 
extraordinary beauty. A bidding i 
contest pitched Rainer Zietz of 
London against the German dealer , 
Albrecht Neuhaus, who came out 
cm top to the tune erf £309,000 
(about $580,000). 

The other sensation was a piece 


of English jewelry datable to the 
)3lb century. Sapphires are mount- 
ed in delicately wrought gold. The 
piece is probably not a clasp, as 
stated in Sotheby’s catalogue. Ac- 
cording to Marion Campbdl of the 
Victoria and Albert Museum, it 
was a jewel meant to be attached 
vertically like a pendant. 

Hitherto unpublished, which is 
curious if the piece was not exca- 


vated, it is unique in English jewel- 
ry history. According to trade 
sources, it was bought some time 
ago for about £100. resold later in 
the area of £1,000 and eventually 
consigned to Sotheby’s. 

Whatever the case, it seems to 
have its natural place in a national 
museum. Wailskfs of London, act- 
ing on behalf of the Victoria and 


Souren Mdikian 


COLLECTORS GUIDE 


ART EXHIBITIONS 


PAHS 

== GALERIE ALEXANDRE == 

7), rue de Seine, "m* Paris - Tel: (1) 43 26 M 22 - Fax: (1) 43 29 80 29 

SAINT-ALB AN 

FRENCH LANDSCAPES 

- “PROMENADE A GIVERNY M 1 "T“ 

FRANCOISE MULLER 

Oils on canvas, water-colors, etchings 
from June 30 to July 21, 1992 

GALERIE MARCEL BERNHEIM 

18 , Avenue Matignon, 75008 PARIS 


■^Afct tXHwmoiszr 
“ANTIQUES" 
-AUCTION SALES ' 1 

appear on Saturday 
far man infowiason. pwse contact 
now nearest I.H.T. representative 

^ or Fred RONAN 

181 Avenue Charie&de^auHe. 
92521 Neuily Codex. France 


MABYPLAISttP jjgny 

RECENT PAINTINGS 

i6_Juty - 1 August 

GAIiWE ETIENNE DECAlSAftS 

me* Sew -75006 Pert* 
Tet: (I) 4S36 l5448 


KOSTABI PAINTINGS 

Estate Collection 

w • » 

Exceptional prices for ail sized oils up to 6ft. 
Offers accepted for whole collection. 

All paintings sold with certificates of authenticity. 

For further information , 
please fax: (212) 371-9256 USA 


Manufacture in Aubusson, France 

Galerie robert four 

CARPETS & TAPESTRIES 

Antique & Contemporary creatlcns iron 
roicn. - Gauguin • Kiee - Kozo ■ Laporte - lw$af - Magritte -Modigliani 
v,onet - Nchis - Mini Anker - Picasso - Rousseau - Ser - Toffcli -Vasarely. 

Purchase & Sale 

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Estimations, Transport & Insuranco free. 

25 . rue Bonaparte. 750 C 6 ?ar:s. TeT: 33 •;*. ) 45 . 29 . 30 . 50 . 
c ax- 33 C • 43 . 25 . 33 . 95 . Toll ‘res 33 (’ ) 0 S OC.SO. 93 . 


I AM BUYING 

16th - 19th Ceotary Prints and Color Plate Books 

Natural Ifacay (Redouts, Audubon, etc.). Spartna Marine, ArchittdnraL Ameri- 
cana aid American Imfaos (Catiin, Bodmer, eteJRszs Maps, Aliases & Gobes. 
Please call (212) 628-3668 / Fax: (212) 879-8714. 
W. GRAHAM ARADER ID. 29 East 72nd St, NYC, NY 10021. 


HARRY FANE 
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YOU SAW THIS AD. 

So did nearly half 
a million potential art 
collectors worldwide. 

Shouldn't you too 
advertise in the 

INTERNATIONAL 
HERALD TRIBUNE? 





Max Weber's kinetic abstract forms emerging in “. Brooklyn Bridge ” (1912). 

America’s First Cubist 


By Jo Ann Lewis 

W*hn*wn Pari Srrrice 

W ashington — it is always said of 

the painter Max Weber (1881-1961) 
that be was a pioneering modernist. 
America’s first Cubist But rarely has 
an artist's straggle to forge an original style from 
the fast-flying innovations of giants like Picasso. 
Braque and Matisse been so vividly laid out before 
us as in “Max Weber: The Cubist Decade. 1910- 
1920," at the Corcoran Gallery of An. 

Born in Russia but raised, from age 10. in 
Brooklyn, Weber had already studied art educa- 
tion at New York's Pratt Institute and taught in 
Lynchburg. Virginia, and Duluth. Minnesota, be- 
fore heading for Paris during the heady years from 
1905 to 1909. U was then that Picasso hatched 
Cubism, Cezanne departed lbe earth and Matisse. 
having further liberated color from its descriptive 
role, could be engaged to give Saturday painting 
critiques to expatriate artists. 

Electrified by his acquaintance with these and 
other innovators such as Robert Delaunay and 
Henri (Le Douanier) Rousseau, the 29-year-old 
Weber returned to New York with enough energy 
to propel him through the next decade. It also 
launched him immediately info the New York Gtv 
an firmament, such as it was. He was soon (though 
briefly) exhibiting at 291, the pioneering gallery of 
photographer-dealer Alfred Slieglilz, where other 
modernists such as Arthur Dove, Marsden Hartley 
and John Marin also made their debut. But il was 
Weber who was mocked and derided by critics for 
championing the cause of advanced European art, 
a situation that persisted for years. 

Il didn’t stop hiip, at least not in the 10 years 
following his return to New York, from 1910 to 
1920, the decade under scrutiny in the 60 pain tings 
and drawings assembled by the High Museum m 
Atlanta for this show. 

From the start, we see him responding with 
tremendous verve to the surging waves of mod era- 


ism washing over him: A 1910 painting of a Congo 
statuette Weber brought back from France is an 
homage to Cezanne; a painting of two large, primi- 
tivistic nudes with almond eyes is a dear reference 
to Picasso's 1907 breakthrough Cubist painting 
“Les Demoiselles d'Avignon." 

A year later, in a monumental redming nude, 
Weber, amusingly though masterfully, even man- 
aged to fuse Picassoesque forms with the expres- 
sive coloration of Matisse’s “Blue Nude." 

The Armory Show of 1913 (in which, miffed. 
Weber chose not to partidpate, due to the minor 
role offered him), Italian Futurism — and Marcel 
Duchamp’s “Nude Descending a Staircase" — had 
profound impacts on Weber’s art, and proved to be 
galvanizing forces. 

Taking Cubism one step further, the Futurist 
style conveyed a sense of motion and speed by the 
rapid repetition of abstracted forms. It also prayed 
the perfect vehicle for capturing the accelerating 
pace of New York itself, with its new skyscrapers, 
bridges, elevated trains, automobiles and neon 
lights. 

J OSEPH Stella, Abraham Walkowitz and 
others were similarly inspired over the next 
decade. Whoever was first (the point is not 
dear), Weber began a series of Cubist Fu- 
turist New York paintings that unargoably stand 
among the finest produced at the time. 

He reached the pinnade, perhaps the pinnacle of 
his entire career, in “Rush Hour, New York,” a 
work that virtually throbs with spiky, bristling 
abstract forms. And “Chinese Restaurant," a fine 
abstraction from 1915, which reflects Weber's 
mastery of a later form of Cubism. 

(n 1916, as World War I raged, European mod- 
ernism lost its frontier status, and Weber's work 
visibly begins to flag at the end of this show, 
although he lived and worked for another 40 years. 

The exhibition w HI continue at the Corcoran 
through Aug. 9 before traveling to Buffalo, Brook- 
lyn and Los Angeles. 


THE 


METROPOLITAN 
MUSEUM OF ART 


The perfect 
Christmas present. 

S hop by mail with our 
new 1+4- page catalogue 
of unusual and distinctive 
presents; most available only 
from the Museum. Jewelry, 
decorative works of art, 
sculpture, Christmas cards 
and ornaments, posters, 
art books, and a special 
selection of presents for. 
children. 


For your copy of the full-color catalogue send $1.00 to cover 
mailing. 

THE METROPOLITAN MUSEUM OF ART 

255 (iracic Station New York. New York 1002K 

Natne_ — 

Addros Apr— 

(Virv State Zip 






Sotheby’s sells Rembrandt for £4 million 


Over the past 10 years only four major Rembrandts have been offered for sale at auction. 
Two were consigned for sale through Sotheby’s - and sold. 

Two were not - and didn’t. 

Far nujiiirirs about Old Master Painting*, please call Jnlini Stark on 071-408 5413. 


SOTHEBYTS 


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ECONOMIC SCENE 

Wlwt Does the World 
Really Need From Japan? 

- V By Peter Passefl 

Ww f'ort Times Strrtcc 

’ IT^.HIS ECpNOMICNCffSjnK in fiom MuudL' Lesdtrs 
.1 ofthc industrial powers have affirmed, in principle, 
i 1 support for open trade, stable growth and aid for 

- ' the former Soviet union. Wait; don’t turn to the cross* 
: ~ wfd pu z rife W hile the gathering in Germany was a snooze — 

chromic summit meetings are convened to reassure; not enter- 
tanx. some of the subjects conspicuously not on the agenda arc 
; yot interesting indeed. 

. Surely nontopic A was Japan, or mare precisely, the contradic- 

• tiom between what the world says it wants from Asia’s economic 

- colossus and what it really needs. 

/ President George Bush’s — 

pre-election beef with Japan is n . . , 

• the u.s. trade deficit And no Balanced trade 

would be neither 

ars e» p rac * icaInor 

haa The trade gap with the especially desirable. 
United States alone is creep- £. * 

ii&hack toward S50 billion. 

These numbers do not surprise Gary Saxonbouse. an economist 


an economist 


the Umveraty erf Mkhigan. *Wefae coming out erf a recession,” he 

rmtM Svhilp nvmn n< " A r „ f,. ■ J J 


White House and seomded by the European powers. A kick in 
government domestic spending by Japan would help suck in 
imports, as well as create demand at home for Japanese goods 
that might otherwise have been shipped to Pittsburgh or Paris. 
And by all accounts, Kiidri Miyazawa, Japan’s economics-savvy 
prime minister, is eager to oblige; the $50 billion public- works 
package that he showed off at Munich should add a percentage 
point or two to Japan’s growth rate. 

So far, so good; idle productive capacity in Japan serves no 
one’s interest But the same is not necessarily true for the rest erf 
the economic prescription bring pressed on Japan. 

T AKE THAT pesky bilateral trade defied. While American 
politicians have grown accustomed to measuring the 
health of the economic relationship with Japan by the size 
.of the deficit. John Taylor, a White House economist who 
recently returned to Stanford University, acknowledges that a 
bilateral balance in trade would be neither practical nor especial- 
ly dearable. Energy-poor Japan is bound to run a deficit with oil 
ex porte rs, he notes, and is thus prone to running surpluses with 
industrial partners. 

Of oourse, some American exporters — notably rice fanners — 
would benefit from an opening of the Japanese market. 

Robot Z. Lawrence, as economist at Harvard’s Kennedy 
School wonders whether even these modest gains to scone Ameri- 
can exporters would lead to an overall reduction in Japan's 
monster trade surplus. 

An economy’s balance on external accounts, he points out, is 
by definition the difference between domestic savings and do- 
mestic investment: if neither changes, the only w ay Japan can 
import more is to export more. Thus the only way to placate 
foreign critics/whose real concern is Japanese competition in 
their home markets, is to persuade the Japanese to save less or 
invest more at home. 

Thatlogk: has not been lost on the United States. Indeed, John 
Taylor was in charge of nagging the Japanese to act more like 
Americans, to invest more in puhHc amenities and to give Japan’s 
qwxwortoed, undohousgd “salarymen” a .taste. (rf the good life. 
Andhe cafl point to at least one important victory: the repeal of 
retailing hews that had made^rice discounting and Westemrstyie 
chain merchandising almost impossible, 

- But Mr. Lawrence does not “have a lot of faith" that outriders 
can alter the Japanese inclination to delay gratification. More 
important, he and many otter economists wonder whether it is 
realty iu the West’s interest to interfere with Japanese thrift 


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uMMt run 

nan 

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msn vm 

nua 


CMinas in A mste rdam, London N+w York. Toronto ond Zurlcii. Be/nos In otffmratrters. 

TOtery « dot tar; *: UM, of Ml NA: not uuated; HA.: not 
manat ito. . . 

Othsr Dollar Vshws 

£3£l« U3M HPaaKaW* UW "■*«**** “*2* ££i 

MBr.sddL 1040 Mhirwi aa 40 Horw.kron* UU MMknna 

Mm mzoS um-naM, aoua 

— — ruttn k Mmf irtstic tSOb PorLatcado BWB TWW 2S5 

aanMbkraw sin tvootisfeeft. 2sm mmiwrobio isat w y*v« nff 

SS sSi KjMOtn «aar Q2S87 Sosdirlral 370 UABrtWW XOZ7 

S JSSST saw swas ^ v—x-na*. «« 

Forward Rates 

«-— » to jiiry Mn ’ f O dor Oorrmcr oootrr n dot INW 

SSnMrttKi Mm tun van cMwdoiw 

SwiTSS m Joomom, m mn mn mu 

5wta*nK 1J733 U7W 1JSS0 

uub Balk [ fimmtm ntani: /nabwnc Bank IBnmot,). Banco ftODMKWt IMW 
BaM ofTokvo rTotyaJ: ******* Canada 
(TanMTtol; IMF tSDK). Other data from RavtanandAP. 


INTEREST RATES 

Etffocmruicy Dopoolto 


DoUar D-Maf* m»e Fn* 

. -mnih ]hOh W04M aowdlb V'ftrW'a WO*] 

52S2 S WM* (W» 

W 


Prone Y« ECU SDB 
•TVfWt 4VMW M N-M hU 
Wh-UM 4>kMt 10 K-K N61V 
TO-KM 41L41W 

m-ion 4IM<h IO«rlOn>M 

9W-» ttk-Wi 10W-1BN 6^ 


/araauftadtnU 


Kay Monay Rates 


n»— aaMtM 
Obmwtnte 


OHDPMirff-mom 

HMnWTTWIWTWB 

ttaaamfrtatmM* 

VwBrimwnWS 

aOrearnwMnrimd 

hnkan 

IMmiMCOV 


MKwmratc 

CUInaaet 

imon wkt M # 

lAMBnwortnk 


DdCMRtHM 

LnOmulliiW 

CBUmdov 

v«n]oite 

MMWRW 


GOLD 


■Wr tin 

Cafim—t y . . 
I imiBI lulorfinnf' 


lain Hiillua nrtr 
CaV mow 


soaras: Kauta*SUo*aa 


m so 

OK/U 9\5fu 

»wu 

in W* 
ion W» 


July 10 

ajvl pm. am 

HM«ra 

pS^OJUMW Mg »“ 

2w1ek SO* +1.W 

^aam 34&7S 3*78 +WS 

NMYont — MW . 

Hang Kona and Ox** amino ana 
dl ^BrtcgKHv*Vo*m*nnnrttian*. 
ABartcnsBi US.tp*omx. 

Source: tpvltn. 


HcraUQ^gribuuc. 

BUSINESS /FINANCE 


* * SATURDAY-SUNDAY, JULY 1 1-12, 1992 








Page 9 


India Aide Quits 
In Stock Scandal 

CompUtd by Our Staff From Dtopatcha 

NEW DELHI —The Indian commerce minister, who helped posh 


O&Y Loss Grows to $1.76 Billion : § 


securities scandal that has forced the closure of stock exchanges 
The resignation of Commerce Minister Palaniappan Chidam- 
baram, one (rf the three architects (rf economic kberalizatioa, was 
accepted by President Ramaswamy Venkataraman on Thursday 
night, a spwesman for the preadent’s office said. 

Mr, Chidambaram, a Harvard-educated champion of economic 
reform, disclosed that be and his wife bad invested 150,000 rapes 
(55,230) in Fairgrowth Financial Services LuL, one of the companies 
bring investigated in the SI balhoD scandal, and a further 100.000 
rapees in the equity of other companies through iu 
He said the transaction was carried out in September 1991, long 
before the scandal came to light. But he offered his resignation to 
save the rnling minority government embarrassment in parliament, 
where it faces a no-confidence motion next week. 

Prime Minister P.V. Narasimha Rao, who has asked all members 
of his cabinet and junior ministers to assure him that (bey are not 
involved in the scandal, accepted the resignation. 

Mr. Chidambaram so far is the only minister to quit, although 
there have been vocal demands from the opposition that Finance 
Minister Manmoban Singh resign in the wake of the scandal 
The government has also agreed to a joint parliamentary investi- 
gation into links between Indian and foreign banks and stock 


Compiled bf Owr Slag Frorr. TUspauha 

NEW YORK — Olympia & York Develop- 
ments Ltd. reported Friday a S1.76 biHiou loss 
for its 1992 financial year, more than five limes 
the 530! million loss of a year carter and a 
reflection (rf bow the leading real-estate devel- 
oper’s condition has worsened. 

The publicly disclosed numbers offered some 
of the most detailed assessments to date of 
Olympia & York’s books, which were once 
considered so secret that even many of its 
bankers could not look at them. The company 
sought court protection from its creditors in 
May; at the time analysis estimated its debts at 
about S12 billion. 

Olympia & York reported total assets of 
518.52 billion for its 1992 financial year, down 
about S2 billion from die year earlier. Liabil- 
ities totaled SI 7.6 billion, but accounting ad- 
just mems made them equivalent to the value of 
total assets. 

The numbers wert-comained in the develop- 
er's audited financial statements, released as 
part of Olympia & Yolk’s bankruptcy case in 
Toronto, O & Y’s headquarters. 

Olympia A York said it took write-downs of 
51.2 billion related to huge losses in its property 
and securities holdings. 

But the company did not take any charges in 
tbe latest financial year for the huge Canary 
Wharf project in London. O&Y sought court 


protection from creditors for (he troubled East 
London project in May. 

The company’s financial statements showed 
that for the tune bring, it is valuing Canary 
Wharf at 53 billion, unchanged from the previ- 
ous year. However, the company’s accountants. 
Price Waterhouse, warned in an auditor’s re- 
port accompanying (he statement that “in our 
opinion, the value of the development has been 
materially impaired.” 

Even witbom the write-downs, O&Y said it 
would have reported an operating loss of $538 
mfllkm for ite financial year that ended Jan. 31, 
1992, compared with a income of $172 million 
the year earlier. 

“dearly, the O&Y current financial status 
is very difficult,” said Gerald Green wald, 
(JAY'S president, in a cover letter for the 
annual statements. 

The privately owned developer is tbe leading 
commercial landlord in New York and has 
large holdings in London, Toronto and other 
cities. ]ts heavy debts and deteriorating ability 
to finance than h&ve emerged as the biggest 
drama in the depressed global real estate mar- 
ket of the 1990s. 

Mr. Greenwald repeated (he company’s as- 
sertion that the losses did not reflect what the 
company believed to be its real assets: a strong 
presence in the office space market of New 
York, Toronto and London. 


Among the major components of lbe write- 
downs was the company’s devaluation, by 
5464 million, of some real estate holdings m 
the United States, Canada and in shares tn 
some real estate affiliates. The company also 

S ited one-time operational charges of >152. 
on. 

O&Y said it took a total $608 million 
write-down on its investments in Campean 
Corp, now Camdev Cotp.; GWU Holdings; 
Santa Fe Energy Resources Inc.; and Truon 
Financial Corp. 

The write-down on O & Y’s holdings in Abi- 
tibi-Price Inc, a forest-products company, and 
Gulf Canada Resources LuL, an ou and gas 
company, totaled 5169 mfilioo. 

Turning to the future, Mr. Greenwald said 
the company planned to create an investor 
group to inject the capital necessary to com- 
plete Canary Wharf, which is just ending its 
first phase of construction. In addition, it will 
continue to craft a plan to restructure $7 biffion 
is debts related to its companies and 

properties. 

Mr. Greenwald said he believed O&^Ts 
properties would eventually regain value. He 
added that the ongoing appraised value of 
O & Y’s completed office buildings and other 
properties was 52.93 billion above the depred- 
ated book value listed in its financial state- 
ments. ( AP. Reuters. Bloomberg) 


Brokers, meanwhile, continued 8 boycott of tbe New Delhi 
Calcutta and Madras stock exchanges for the fifth day running on 
Friday; their colleagues have refused to trade for four weeks in- 
Bombay. 

The government has blacklisted 44 companies and individuals for 
diverting bank funds to speculate on the stock market and ordered 
the seizure of assets, including shares listed in their names. 

A total of 3132 billion rupees- wonb of transactions between 
banks and financial institutions either was not backed by securities 
or was backed by fraudulent securities, government investigators 
have said. 

Fairgrowth received 2.4 billion rupees from a subsidiary of the 
state-owned Andhra Bank, while handing over securities worth only 
1 J5 billion rupees, the Reserve Bank of India has said. It said the 
balance was covered by allegedly forged documents testifying to the 
ownership of securities. 

The money was used to play on t be then-booming Bombay Stock 
Exchange in “flagrant ana deliberate violation of established and 
guidelines,” according to the government 

Mr. Chidambaram said he and his wife were not aware of the 
company’s actions. “My wife had no reason to suspect any wrongdo- 
ing," he said. “In fact if FTSL had done anything wrong, we may 
stand to lose our investments." (Rotters, Bloomberg) 


McDonnell to Slosh More Jobs 


Ccnpited bv Our Staff From Dispatches 

CHICAGO — McDonnell Douglas Corp. said 
Friday that it expected to cut its work force by up to 

5.000 ihis year. 

Robert Hood, president of Douglas Aircraft Co., 
said in a letter to employees that the unit anticipated 
“between 4.000 and 5,000 further layoffs this year." 

He said that about half of the cuts would come in 
direct, or manufacturing functions, while the rest 
would come in “indirect" functions, which are support 
and administrative jobs. 

Mr. Hood added that tire company had to lower 
expenses “to be better aligned with (be expected lower 
revenues which are tbe result of the prolonged slump 
in the airline industry.” 

At the end of June, Douglas Aircraft employed 

36.000 people. At its peak, in the spring of 1990, the 
unit had 52,000 on its payrolL 


Earlier this week, McDonnell Douglas said 20,000 
aerospace industry workers and an additional 20,000 
related service workers would be laid off by early next 
year if the US. government did not approve a pro- 
posed sale of 72 r- 15 jet fighters to Saudi Arabia by 
the end of the summer. 

In his letter to employees, Mr. Hood said negotia- 
tions on a partnership with Taiwan were continuing 
and that the company was malting “progress in our 
talks with other potential partners/ 

Mr. Hood also reiterated that McDonnell Douglas 
remained committed to Douglas Aircraft, in ante of 
published reports to the contrary quoting Waif Street 
analysts. 

Mr. Hood said McDonnell Douglas had weathered 
previous downturns in the industry and was “prepared 
to weather this one as wdL" (Reuters, (/PI) 


Investors Flee as Banana War Flattens Growers 

By Eben Shapiro - : h»t priraW^T. \V. V = J 32^rar^ 1 piS 

New York Tima Sank* i ^ v ■ • . ' t'' Cr&H the financier Carl l 

NEW YORK— Call it the great iVv Chiquita's Average price . ■; Chiqutes butes faffing prices 


NEW YORK —Call it the great 
ba nana war of 1992. It broke out 
when the European market (fid not 
open as expected, saddling the big 
growers, newly expanded for the 
cause, with surpluses. 

Prices in Europe — and to a 
lesser degree m the United States 


r. 

hv*r ; 


capital .--.‘t . 

expenditures, 

in millions. \ 

mon JgjK; SJ4 

jL r* 12 


for a 40-pound 
box of bananas 
each quarter. 


stock price. 

weekly 

doses 


UnitedStates 


— dropped; along with tire- profits 
of the big brand companies like Dpi 
Monte, Dole and Onquita. 

Investore have stampeded out of 
fruit stocks. 

As the world’s biggest banana 
marketer and tbe only one of the 
Big Three that rdies on bananas for 
its fortunes, Chkpnta Brands Inter- 
national has been kicked hardest. 

While the stock price of Dole 
Foods, the other luge American 
public company with banana oper- 
ation s, has dropped to trade at 
$27,375 ou Friday, from a high of 
$4? last year, Chiquita's stock price 
has plunged to 515^75 bom a high 
of $50.75 last year. Thai brings the 
company's stock price below its 
year-end book value of S19.39 a 
share. 

Chiquita’s bard knocks show the 
difficulty of dressing up what is 





i, •'■■"V . 
}■■ j S'. 


'91 ’92V 


*91 ’92* 






The New YwiTfinei 


essentially a commodity food as a 
premium brand. 

Tbe Cmriimati-baaod company 
spends about $20 million a year on 
television and magazine advertising 
toconvince stampers, grocers and its 
rt ockhokfa o that bananas blessed 
with the Chknnia seal are somehow 
worth more than the others. 

But a banana is just a banana. 

“Nobody has been successful at 
putting a brand name on a perish- 
able commodity,’’ said Michael 


Kennedy, an analyst at EDS Finan- 
cial Services Inc. in Minneapolis. 
“They always say, 11115 time it’s 
going to be different.”’ 

Not even the company’s Carmen 
Miranda-esque logo protected Chi- 
qnita from having to sell its ba- 
nanas at prices within pennies of 
the lowest on the pier. 

“Sometimes the premium is pret- 
ty narrow," said David Diver, vice 
president for produce at Hanna- 


ford Brothers, a supermarket chain 
in Portland, Maine. 

Industry executives disagree 
somewhat about the reason for the 
weak prices. 

Dote, which is cushioned because 
of its operations in other fresh fruits 
and in real estate and packaged 

shipments in (he banana industry, 
winch have droressed prices world- 
wide," for a 25 percent decline in 
second-quarter profits. 


Yet Keith Lindner, Chiquita’s 
32-year-old president and son of 
the financier Carl H. Lindner, attri- 
butes faffing prices — and Chiqui- 
ta's own 89 percent plunge in profit 
in the first quarter — to an indus- 
trywide crop of poor-quality fruit 
as well as to fierce competition in 
Europe tins year. 

He rejected the criticism by some 
analysts on Wall Street that the 
company, which is 46.. percent 
owned by the 'Lindners’ American 
Financial Corp-, was too aggressive 
in expanding banana production. 

Nevertheless, Chiqtnia, at least 
temporarily, plans to slop planting 
mare banana trees this year after 
spending heavily in the previous 
two years to expand 

Financed in part with the pro- 
ceeds from public offerings that 
raised $474 million, Oriqmta ag- 
gressively sttpped up spending on 
land, production operations and 

S2$iiniJ2ioa in l^^^wrethm 
$400mflBcm last year. In the 1980s, 
it typically spent between $30 mfi- 
1km to $78 million a year. 

Chiquita is by no means stop- 
ping iuvestmajL It wfl] spend more 

See BANANAS, Page 11 


U.S. Prices - 

Post Mild a 

June Rise ^ 

Compiled h' Ow Siaff From Dispatches 

WASHINGTON — U.S. whole- h c 
sale prices rose a moderate 0-2 per- by 
cent in June, the government re- 
ported Friday, as the sluggish 
economy continued to put a damp- 10 
er on inflation. 

Excluding volatile food and en-rn 
ergy prices, the so-called core ratrnr. 
Of inflati on fell slightly, ^sing 0.1 ■ 

percent last month after jumping . 
0.6 percent in May. It was the first^ 
decline in the core rale since Febru- ^ 
aiy 1987. 

Falls in the prices of some prod-rli 
ucts. including tobacco and newld 
cars, helped to keep price pressures 
undo- control the Labor Departs 
mem said. Bui energy prices posted^ 
tbetr biggest jump in 20 months, 
and food prices also rose. 

The June gain in the index used 
to compute wholesale prices fol- 
lowed a 0.4 percent increase in May 
and was in line with economists! 
forecasts. 1 

Daring tire first half of this yeai 
tbe index, which measures prices 
charged by producers of fmishec, 
goods, has advanced by 2 percenu 
compared with a 1.2 percent list 
during the final six months of 
1991. 

Responding to an unexpected, 
jump in the jobless rate in June, the 
Federal Reserve last week slasher 
its key discount rate to 3 percent 
the lowest level in 29 years. 

Tame inflation has enabled dot 
central bank to cut interest rates 
without adding to price pressures 
Economists agree that the sluggist 
economic recovery has put a damp 
er on inflation by discouraging 
manufacturers and other producer 
from boosting pices. * 

“I don't think anyone think; 
there’s much of an inflation ihrca 
for the next six months or year a 
least,” said Cynthia Latta, an coon j 
omist at DRI/ McGraw-Hill n j 
Lexington, Massachusetts. j 

(Reuters, Bloomberg j 


U.S. Elections Generally Good for Stocks Greasing the Party m<*l 9 

as V Hr* York Tima Service 


Aalan Dollar Dopoolte 

July 10 

T moatt aib-jih 

1 (na nti n 3tL-3Si 

3 nomas 3H.-3IU 

fmoam Itt-Mi 
I war S*-3Vw 

Sourer: fimom 


U.S. Manor Uark#t Fluid* 

July 10 

IMmu Umdi ReodV Aa*» 
SMflvmrMevMd: 342 

yMcnfcloiaKmMfflMMx: 1W 

Source: Merritt Lwcn. TsArata. 


By Floyd Norris 

Hew York Tima Service 

NEW YORK — Buy U.S. 
stocks, unless you think Ross Perot 
is going to be so strong as to upset 
the apple cart and significantly af- 
fect the election. Or unless you 
think a new recession will have be- 
gun by Election Day. 

That, at any rale; is one way to 
read the bistray of the stock maiket 
and preadentiai ejection campaigns, 
fa the United Stales, there has been 
no better time to own stocks than in 
the last half of an election year. 

On average since 1900, the Dow 
Jones industrial average has risen 
10.4 percent during such periods. 

But thud-party candidates have 
played an important role in two of 
the four elections when stock prices 
ignored the usual trend, and reces- 
sions have been present during tbe 
other two. 

So it could be argued that this 
year, with both factors at least pos- 
sibly at work, is unlikely to be a 
normal election year. 

In 1912, the only election in the 
past century in which the Demo- 
cratic and Republican candi d ates 
did not take the top two spots in the 
presidential popular-vote totals, 
the Dow fed 3.4 percent. 

In that year, Theodore Roosevelt 
ran as an independent, splitting tbe 
Republican party and finishin g 
second to Woodrow Wilson. 

In 1948, Strom Thurmond was 
tbe pmtiWiaie of breakaway south- 
ern Democrats and Henry Wallace 
tbe ca ndi date erf dsaffected liber- 
als, making it obvious to virtually 
all observers that President Hany 
Tr uman had no chance to win the 
election. 

But he did, and the stock market 
ended the second half of the year 
down 6.4 percent, aB of it coming 
after tire surprising election results. 




P«rc*»m*g« Cftange 
' .;tnthUD«w 


TUwwthfi Timas 
-OAyvntt* 


. .'r^Saapt'-' ‘ ■ 




..vwrtvp- ; ’’SHM#*- 5 ' - 

•' • jfrfL .• • 

j wwiii;'. 1 ' '.-Hes i-;: «;••••■ " ' ^ 

K- ohMev -- : MHBHfetoA . - 


ft <, . 'v yjr • ;■ 


nj Econ^iRaepojasteft 
• op deqrwtswuf o n \ . . ■ 

- '.aoetiaripay:: : ; v 

Stib^aRfial'5han^%' ! 
thW-pEBly preaMfortiCar •; 


unemployment rate rose to 7.8 per- 
cent in June has increased talk of a 
“triple-dip” recession. 

Whether a third-party candidacy 
will seem serious in November u 
not always dear in July, and the 
stock maiket has done fine when 
some insurgent candidacies have 
GzzIetL 

In 1980, John Anderson looked 
like a possibly serious candidate to 
some observers, but be faded by 
November and the Dow was up 
11.1 percent in tire final six months 
of tire year. 

And in 1968, George Wallace 
never seemed like a winner, but he 
did win 46 electoral votes, and for a 
time there was talk about the ejec- 
tion being thrown into the House 
of Representatives, as happens if 
no candidate wins a majority (rf 
electoral votes. But the Dow went 
up 5.1 percent during the final half 


f.itr;; 


tjum 

.. :-jVv\ 


.V. * ■; V iwv‘ 

The New Vnrt Times 


about the economy, they care most 
during tbe months when the public 
has a tight to change governments. 

And presidents have generally 
done a reasonably good job of ar- 
raaging to have tire econrany grow- 
ing during elections. 

Indeed, in 1920 and 1960, the 
other election years in which stock 
prices dropped in tire second half, 


icy for stock prices 
years is that share 


that while governments always care 


sion at the time of tire vote. 

In both years, the incumbent 
party was thrown out In 1932, 


when a Depresses was under way 
at tire time of the vote, the stock 
maiket rallied nicely in the second 
half, with the Dow up 39.9 percent 
— but the incumbent party lost 

This year, tire Perot can d idacy 
has thrown election year politics 
into confusion, and tire recession 
that be gan in July 1990 has not 
officially been declared ova, al- 
though most economists think i! 
ended either last year or early this 
year. 

But last week's report that the 


Another way to look at tire presi- 
dential election campaign stock 
markets is to assume that investors 
and voters are, in ^neral, the same 
people. And since the majority of 
votes get their way every four 
years, perhaps it stands to reason , 
that investors would also be happi- 
er about the future when they were I 
heing given the option to change it. i 

Tbe stock market has reacted 
much better in years when Repub- 
lican candidates won than in years 
when the 'Democrats prevailed. 
Stocks have risen during tbe final 
six months of 12 of the 13 election 
years that the Republican candi- 
date won, for an average move (rf 
13.7 percent 

But they have gained in just serein 
of tire 10 years when a Democrat 
wen, by an average (rf 62 percent 

As for tins year, the Dow ended 
June at 331R51 Through Thurs- 
day, it is up 02 percent. .If tins 
proves an avaage presadeatialriec' 
don year, presumabWwitii tire Ferot 


Hew York Tima Service 

WASHINGTON — Wall Sum and the oil and gas industries have. 
fam the largest contributors to the Democratic and Republican 
parties in the current dection cyde, followed by the iiisuraiu*, tobacco, 
and real estate industries, according to a study published Ftiday. 

The study, by the Center for Responsive Politics, a nonpartisan 1 
research group in Washington, provides the first detailed breakdown 
of the sources of more than $43 million in contributions that have 
flowed to lbe parties from January 1991 through the end of May this 
year. Its conclusions confirmed that the most heavily regulated 
corporations were the most generous. 

Based on filrng* with the Federal Election Commission, tbe study 
found that the lion’s share of contributions came from companies' 
that woe able to make donations to tire parties with no restrictions,- 
circumventing federal limitations on direct contributions by corpo- 
rations to candidates. 

The sin gle largest contributor has been Archer-Daniels- Midland 

See PARTIES, Page 10 


SALE OF LUXURY 

hotel complex 

IN MAURITIUS (INDIAN OCEAN) 

THE MARIYA HOTEL AND RESORT 
SITUATED IN THE NORTH-WEST OF THE ISLAND 
SEA- FRONTAGE 80196 M z WITH 600 M BEACH 
BUILDING AREA 34989 M z 
231 ROOMS, 60 M z + 18 SUITES, 1ZO M a 
3 RESTAURANTS 

All extensions authorised - tvaler sports 
CASINO - GAMBLING options 


CONSTRUCTION OF THE COMPLEX IS 70 % COMPLETED 
AND TERMINATION OF THE WORK 
IS GUARANTEED BY THE CONSTRUCTOR. 


fontier blfortnadon, please comacr: 


<§L 


Ms RUOnl HAREL C% 

JOE CHAZAL MI MEE, Chartered Accountants 
(Mauritian Representative of the ArtJmr Andersen 
worldwide orgaaisailOQ) 

Level 6 Chancery House - LisJet Geoffrey Street 
FORT LOlflS (Mauritius) 

T& (2J0) 212 4512 - Fax (250) 208 1061 


the year up 10.4 percent, at 3^554. 


jP 



















page 10 

MARKET DI ARY 

Rate Hopes Give 
Fresh Lilt to Dow 

■ W- »_ X —6 UamAMIM 


INTERNATIONAL HERALD TRIBUNE 

INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 11*12, 1992 


Vie Auotiatad Itau 


i Compikd b?OurSicjJFn*n U^Uihe bends aredown,tlwre's 

; NEW YORK — . u5 vJ?S Sa perception the Fed has fur^ 

prices climbed ot Fn^y after the ^ room t0 ease.” 

government said inflation was not Stoc ^ were whipsawed as Trea- 

heating up, but W ^ bonds retreated from an uuti^ 

jnent bonds subdued the equity an riti concerns that the recent 
tnarket’s gains. . rally may be peaking and that wfla- 

1 Pockets of strength m some ^ t* not be abating as 

■— quiddy as the PPI report suggested, 

; W. Y. Stock* analysts said. . 

- MTniixtnK nrr stuck tn the same 


wmm ■ ■ UUiUptO oaiu. , 

" 7 “Investors are stuck tn the same 

banking, Tmandal-services. ream- ^ Robert Caputo, diiwtor 
W and technology stocks Helped - resean * a i Swiss Bank Corp 
Wall Street extend its rally, but taiesUne||t Banking Inc. “On one 
, volume shrank as investor caution they’re forced into the equity 

continued to prevail. market because erf the low comped- 

The Dow Jones mdustnal avCT- ^ other instruments, 

>e rose 6.48 points to 3,330-56. ^ 0(ha they’re quite 



Pow Jones AvwW * _ 

OK, HW W W 01 
IlKbS 333407 335SJg ™4Jg 333056 J 140 

TlSS IM IggS T S£g 1 £££ + 056 

& iK iSS W 1 M+ W 

Standard A Pooi^ 8 lndox^ 


industrials 
Transp- 
ut OUtes 
FI none* 
SP 500 
5P100 


Hhiti u* cime 

«7 09 48446 *85.94 — ffl* 
m* 38SW 3867B -02* 


EUROPEAN FUTURES 

a«* matt u* prw.a— 1 

Food ’ 

nwtrie tB»M «r 50 tow 
ii j£j0 229m 22500 22SBO 22300 aasjo 

g %sss?ia«Matt 


JK ^SSSnS NX rtxwuo® 
S552f wmwua N.T. NX 19*0019600 


MYSE Index— 


Composite 

Industrials 

Tramp. 

utmties 

Rnance 


Hlgb Law aw CW« I 
710 an 32743 227 JB + W3 

MU 

18243 181-58 W243 +141 


WASPAO lndw» 


; The L»w jono return from other instruments, 

[age rose 6.48 points to 3J30J6. Qn ^ hand, they're quite 
IP. Morgan, Caterpillar and Me- fearful here's not enough momeD- 
■ Donald’s accountwi for El of toe carf ^ slocks high er” 

gain. For toe week, toe index was TctefoMS «j e M&rico jumped 1% 

[virtually unchanged —up just 0.2 / w 45 j* upping the volume list on 
•of a point- Broader indices and sec- ^ g. g oar( ^ 
ondary markets also gamed. Citicorp, toe fourth most mow 

[ Advancers led dechners by a ^ rore 54 to 21%, and WeUs 
.marein of 4 to 3 on the New York 1 — “ r — 1 ^ 


MYSE Mo«t Activ— 

VflL HWl LOW LW» CHS. 


SBA 

Rnare* 

insurance 

Utilities 

Banks 

Tram 


High LOW Owe CWOT 
unu SH55 56708 +US 
40302 59705 601.99 
StW 68121 68745 +541 
43171 6M.11 +l-g 
Uon 62646 62705 ~i£ 
45UB 43602 43050 + JS 
SOM 53469 —2M 


turn to carry nw *m 44* 

Tdefonos de M&acojumped 1% ci& w® £* 

to 45 J 4, topping the volume hst on gjggft g 9jj pj 

the Big Board. SK 1SS gS f* 

Citicoro the fourth most active ucart, I$i9S J3£ 

st^L^rore ttto 21%, and Wdk » Eg Sg 

Fargojumped 2% to 75% after Leh- mjd^ ^ 

ma^rothera bowtrf its r®ung of [ ■ g S 

42M 


[ Advancers iea awime.s uj - ^ rose 54 to 21ft, ana 

. margin of 4 to 3 on the New Y ork pa^, jumped 2% to 75% after Leh- 
Sioti Exchange. Volume of 165 ^ boosted its ratmg of 

million shares was the lowest m- citicor p m “buy" and Wells to JffiSs 

almost three weeks. “outperform." . 

Producer prices rose 01 percent % „ 39% m a — — 

in June, and fell 0.1 P^r^texclud- ^Q^ued reaction to its loss of a AME 
jug food and energy, the first de- /^hnes order to Airbus In- 
cline in more than 5 years. dusirie and a lowering by Lehman 

“T 1 —* w nrt mflationarv ores- gibers of its rating to neutral. polices 

(Bloomberg, Reuters) ^mitt- 


ULU1C HI IUVI1W *4 61661 — ,1- 

“There are no inflationary pres- 
sures right now," said Richard 
Ctardullo, director of trading at 


45* +1* 
211* +}j 

« 

3SV. + W 
39 —1 

12* -3* 

77V* — * 
20* +1* 
^ itt 

389k + W 
2DW + W 
23* — * 
27W — * 
43* +1* 


AMEX Stock Index _ 

hm low am area 
Sn 33U5 3C3Z ttMB 

Paw Jcnw Bond Awiw 


AMEX Mart Actlv— _ 

VoL HM LOW LM* aw. 


Wholesale Prices Send 

Dollar Falling Again 

p^iESSSil 

ed lower on Friday after a decline perecn L? mer^v *Il was the first 

intoe ctwrate since February 

^The* sentiment on U.S. rates “Today’s figures simply 


Moisei 5 SS an 

Polices M 2HJ 2 

B llr 

RE 1 1 1 

CtyCm »« IgS 

US BIOS I486 ri JSJ 
Hasbros 13TJ “T* 


iSkco* «5 M* 34* 

MYSE Diary 


13* — * 
34 — * 

41* +2* 
33* + * 

I 1 r* 

iw +JS 
m + y* 

« %$ 
sa ig 
+^ 

24V, 


38 Boods IsJ-U +a» 

10 umukM JSijg +0J9 

10 Industriato luu -°° _ 

Market Satea 

NYSE 4 PW-. Wf ypg-e 
NYSE ura.cwg”” 

Anww 4 pjtv . vw *wg« 

gsgasass y ... 

NASDAQ prav. 4 wn. vohinw 
NYSE wolum* we 
NYSE wiwne down 
Arw vomme up 
Amexvoii«Twawm 

BjtjggggaSwn 

M .Y-S.E. Odd-Lot Trading 

Buy Sales Short* 

«i s g S 

Si HI H W 

"IncH/detl tnttiesaha 



. i [1C KIIUUKui w" — - — 

'combined with growing specula- 
tion that toe Bundesbank will move 
to liahien credit in Germany. 

“The next move in German in- 
terest rates now looks more likely 
10 be up rather than down, while 
the opposite is true in the U-S-, 

Foreign Exchange 

said Simon Piwley. a trader at Cre- 
.diunsuli Bankvcrein in London. 
“In this environment the dollar 
must test its recent low', at 1.4725 
marks, again soon " 

The dollar finished at 1.4945 
Deutsche marks, down from 1.5060 
at toe opening and 1.5120 at toe 
close on Thursday. 


I PUB.) 3 ugi»» r . . , 

to keep aUve toe q***E!j£ 
another Fed easing, said lerrn) 
Hawkins, senior economic adviser 
at Bank of America in London. 

Just over a week ago the 
its discount rate by one-half potm 
to 3 percent toe lowest since 196. , 
to aid toe economy. 

At toe same time, there is specu- 
lation that the Bundesbank mi£ 
tishten German monetary policy 

next week, not b >' ^ r *^ r ?JSfle 
interest rates but by a more subtle 
measures, such as raising discount 
quotas it offers to banks. 

Such a move would only widen 
the more toan 6 percentage pomt 
edge in short-term interest rates 
that the mark enjoys over the dol- 
lar. 


Advanced 
Declined 
UflCtlBWd 
Total lssu« 
Now H lolis 
mw Laws 


AnnkPHry 


Advanced 
Declined 
unctunaad 
Total issues 
New HKjtra 
New lows 


NASDAQ Wary 


Advanced 

Declined 

Unchanged 
Total issues 


Close Prav. SAP 1QQ IndOX QpBOIW 


| SteJtt 2 * 

3 S = i - * !i i* i. 

— S 2? ^ r M = H « ^ « 

«■ 3SaPiLj&fe = 

% JS s w - * “r “ 

13 ssxavsssa 

DNfl DCCf] OKH DSC n DK« D“* 

— F - - - - * z 

_ 5" “ I Z s I* *- 

S* “ — — 1, w — 

Prtr. ^ - - - 2* » - 

1479 4W N — — - “ 

,21 Coer total «4 a, low wwintjun 

4S1 CBOK towl «l «<*.■ total owsiW-lB/m 


^HoiwlSUric laiHals of If tens 

S I i £ s 1 1 

W inc ® 705 695 696 0 B Ajj 

SS: 74a 730 7® 745 740 W1 OC 

SSS 770 776 K.T. N.T. 7M 771 [So 

JJS 790 775 N.T. N.T. 7T 7» « 

ESI. Sales 1992. ft 

COFPES (FOX! Ml 

s s BrtP ^ BWf i ® »»» i 

« I | 3S m S » B 

jS& S BJI ffi 2 ? Kn 5 S 51 

5EL Ml BB B5 H7 » IM * 

55* B B2 W « «» « » 

EsL Sales 5J 19. S 

High Law dose ctree j* 

S 

W « 290.00 aODO 292 JNH- 1 . „ A 

*3 SI moa muo + im 

Od 26UM Sum 265A0 + DUO 

MM Jj-X- Erl- jum 270 W + +sw* 

Mar N.T. N.T. - 

aS NlT 5 +t! 27400 277JJ0 + 150 

Est s oles 77A Prav. close: lffll 
O pen interest 12315. f 

Metals \ 

eiase proOM 5 

Bid WW«' 
ALUMlHUMOflapOra** 

D0,l ® n l* r ■Biwsill 11HTIW 130340 j 

gLwd iSS iSSSS .SS s ! 

COPPER C ATHOD ES WHO Oradel 

per *?SSit 295 lOO 133240 im« 
ImUO 130940 T 3 «U» 1340 * 



^ttBPermetrtchni 3TU0 

g&urd mS> 32000 32000 329J0 
NICKEL 

Donors per , HKB0 756&0O 

^„onl W0 7MQJOO 7fflSB0 763000 

g^^ n ®^7065J» 7IK00 71WO 
S^Lani 7ONU00 708500 712500 713000 

■ StS^ Wt TMUI 0 ^ imoa 130400 tsoabo 
^Urd 131700 imoo 1315.00 TOW 

Financial 

HUh Law CtBM Cannae 
>- MONTHSTESUJNG {UR=E1 

. E ^ » « =» 1 

s Vi$ ss » =H 

9 Mar 91.27 91.19 91.18 Dig 

2’ 16 9100 n.ri 

mj._9^_, 9^6.^ 


hw w cw a»w8 

& TS H- Is SS 

fiERMAN 60VEWNJ«S*T 8UW> 

g2«-SS , "& SS 

vnAjmefoSat. j 


Industrials 


Nigii Low Lost sew* 

rvmrs^ 

1 Hill 

JOS WUS WLZ Sfli +275 

£S S S «•« +aa 

Est. Sales M.9W.P rev. sales 2839* ■ 

Open Interest >6391 

J3 S SS 8f S|=K; 

SS SS 19J3 1957 J9J2 — HS 
Yfl93 T9 93 1fJ5 30-00 yR 

I IF IF W H3S 

^SS^ 925«3 . 


— -^uXTSthe^® 

Keatmg FaceS w 5fS*- n 

sa^g&ssRwtsai 


Stock Indexes . 

,0^ Law .Cfcea Chanoe 

FTSE I f CLJFI^ I 

sasporftviexprfet _nj 

sap ^-8 S&l — KJ5 

S£ *n¥- ™ 

“Irt volume: 9.148. Opea WereW: 41878. 

fS3f,rS&^SSg^lSS 

um PetroHmm ExxJtonoa. 

Spot CkmonoiBB— 

s=»>„ ’S a 

J8 JS 

LrcKL ID 4mje 

tsarrisss.* ^ Ǥ 

Meri|scruPl.tt» ^ 

SSe% 8® «*» 




Dunkel to Remain at GATT 

! The Associated Press 


cl«e on 'Thursday. edge m short-term inieresi rates | The Associated Press 

The dollar fell less sharply ^ ^ ^ enjoys over the dol- GENEVA - Arthur Dunkel, toe head of toe 
nainn the yai. -t-ch Ml WfTmi Trade, is expected to agree to m m office until next July to 

riiarpiv against toe mark. The do - ^ dollar also fell to 1.3530 ^ l0 up long-overdue trad^h'bertozauon talks. ^ 

Ur endol at 125-13 yemdow-nrrom ^ francs SJ0415 French Dmkef has Been asked to «t«nd 

125.50 at the opemng and 125*5 francSi from l3661 and 5.1005. w ^ ^Uruguay Round of talks to a successful conclusion. A formal 
on Thursday. The pound rose. to SI. 9225, from announcement will be made Tuesday. . , lower 

■ The mark rose to 83.73 yen from S] qrjjf t£- Urnenay Round, toe mast ambitious .attempt ever 1QOn The 


Sm: 91.12 9185 wx unm. 

eu. volume: 4M63L Open Interest: 210,151. 

J- MONTH EURODOLLARS JUFFO 

Ilmnnim-P»ofW9ert 

Sep 96^ |647 

s g|g tl): 

E ss ?s sss ta|- 

MftOHTH EUROMABtOtUFFB} 

5JS. on *7 TO56 9058 — Og 

2^ r 97.93 90.96 — J® 

7~ r mjn nu 9128 — om 1 

S«P 9L57 91^ 915* j 

Dec 91-72 91-S 2HS SEES- 

is as ® 

S ?ns ss^ig 

Est. volume: 3X831. Open Interest: 3054*1- | 

u.s. futurIs" 

Vn ABodatod Pirns 

S Kg n open HlBh Lew Ctese OW. 


otaptmr Per Amt Pay Ree I 

USUAL 1 

Q .12 9-1 8-J7 

S Jl 8-14 7-31 
.15 B-7 7-2* 

O .13 V. 9-1 7^1 
O T7 7X 7-20 

g JO B-lt 7-24 
46«r B-20 7-2/ 

Q c-JM 8-15 7-31 1 
O JS 10-1 *■» 
O .17 8-14 7-31 
Q JU 7-31 7-17 
Q 37 8-14 7-20 
Q J5 9-15 3-31 
Q 30 9-1 6-17 

57 7-23 7-16 
IJ3» 7-g 7-16 
Q J09 7-31 7-21 

S m in mi 

JO Ml 8-3 
Mmel i c-C o ao JM ra te; m+noatRlY." a- 

quarterly; s-seml-annDal 

Source: UPU . 

Cctm cttferjjj? of sesxm'M*. 

<w =»*raKS = »U es^jtatadted 

| j^a.SB£."KggJ 

1 -^-1 UttdA Tranuse a ibssaxui. m- 

duC=o ’J* United Sa=s d Am ttCA ind 
| do ms cessaETJ: clfcras* d 

wn-xes cr i=»«s^ ~ these ig an eiam 

Tl» fctenMOui HeraMTchracAS^ 

i do nsp«sar2^ oitKMrtc: ,C T“? 

■ t5emca» 1st ciisnap d aay fcna 



Continental vu.h- b contmueu stemming I , 
his savings and a California pnson term ^ 

Mr. Keating. 68. »« senros .... . J. ” 

bom toe bond sales- - — - — - 

Continental Creditor 

jsmaiSwgigjBBggg-y 

I under which a group ledby ^ mus i bc^rovedby ^ . 

said in a statement. • .- . ye**} '■ 

Fixed 

nn^SF»^S &inlereSl rate8inandfort “ 

on 30-year, fixed-rje t two SSeadiet ^was toe 

percent the week before ■n*J*P e “ 

lowest average ^orsthefanofk^tenrratesm 
An economist into the honsng 

the bond market, should ^ this year after rates .., 

revive a boom in mortgage refinancing woun _.'••• 

bottomed in mid-January. , .f.- 

FortheRecord - „. , 

Micni^C^aii* A PP’? CoIII5 S2L^Lyjui^S. . . (Sauaf ‘ 

B* — <m ; 

... . ••• ... ~V • 

! | PARTIES: Corporate Support 

!|iwmm£ jsssL^syss-.. 

!a*awa=a SssgSaf. 

n S136u500 to the Democrats. A r- million', tebaobo, . S1^9 nnffipp, 

| J cher-Danids domnates toe market ^id real estate, Sl^njflhqn. 

1 [ for ethanol which has been heaver . reobned that the largest 

■ subadized in recent years! torough ^ mdrritool contribu- 

I j fricra! m cxempUonx.Tbc Em- ^^^nn StiKt came fem 

1 ; ronmental Protection Agency has w^n f yt^h a; Ckx, Gokknan, 
s -j also been considCTi^vanlri^u- • and Moigan Snmky . 

; kuions that would restrict the use ^ . 

— J| of ethanol. - ■ ■ 


S3. 10 Thursday. 

The sluggish U.S. recovers and 
uncertainties about President 
George Bush's chances for re-eiec- 
non also weighed on toe dollar, 
dealers said. 


Sate tan and 5.0415 Frtmcb asked to extend 

francs, from 1J667 and 5.1005. w pl^lJiuguay Round of talks to a successful conclusion. A fonnai 
The pound rose.to S1.9225, from ^ambitious 

in London eariier. the dollar fell bairieis to world route *^^^^ e ^o^ammuniiy has 
to 1.4968 DM from 13080 on negotiations have been stalled because toe 

Thursday. It edged up to 125.45 refused rfidt^s diplomat, 

ven from 1 25.2 /. States and other food-exporting nations, wu. 

(Reuters, Bloomberg ) become dosdy identified with the Uruguay Roun 


Grains 

is 

IS ^ I" Hl vs i^ 4 

r E 8 1^1 i> 

3S S S.P IB 1» w “ 

^50^^^50^106*6 ^ 

Pm. Day Open lot. S7flin up 80 
WHEAT IKCBT1 

Hu mmjrmjnv dulto« pw bi^i _ 

tit TWfc 233 sa»- 

KJvt! 151 346 346 - 

3v*«V2 X*4Vi 340 — 

jy™ 1 OP S 


0«n HW. LOW < 

COCOA tNYCSCEl 

» metric tiTO^PW to! am son 980 

^ si, T0?S 1029 » 

^ ss g I I 

1518 «so Mav, US* 1,53 ,us 

1530 WB Jdl 

}S dS 1247 12*7 12*7 

1495 J5BS MV 

1 1270 1198 _ MOV 

I M sales 5731 prav.sola* MB6 
I ^?DOTOPe«ilnL 5IL299 up 127 


■I ^ i§8 §1 ds 

!tS lu 28 lixsS 11340 -LW 

{IS 11445 1IW 11345 -140 

11X15 —140 
113.15 —140 

HOIS —140 


HI CRAPE COPPER ICOMEX1 

25JJ001bfc-cen«.o , r in. _ 11U0 ,]un HUS +1J5 
11093 9240 Jul 111J0 lli« •>«« 


W." . a- hw-.^: 

»Og 2 ji g£: -SB.SS'SS 

ss 53 8 Er Sub Sfrsg 

1 - » e-lsg 

JfS _jSf. •«* 

BWTlStl POUND (166*0 - 

‘fTiro^iw^ s2^lSo8^L9M 1«| 

1.9110 I4J™ i nun 1J720 1J5S 

\jtfS0 ijS 66 ar 1X320 _1 4478 TAW 
Eit.Sal« Piw.Salai W415 

p^OaVOpH Int 27,913 off 48* 

- ■ XR(U6M 

Me 4336 4337 

E'S S 3 

MP JX* ™ ** 
nev.-Sakw =M* 
w up 716 


L8994 4202 
14702 4-194 
11446 4-186 


1347 —J7 

1315 -47 

*88 —17 

*M- -47 
J» .. —17 


Brussels 

■Aeee.UM 2210 *10 

AG Pin 1B*£ 

Arbed TW 4000 

SSrS, 1242 12*0 

Sekaeri 12475 12475 

Cock "Till 156 159 

Cobepa *805 *850 

Tfeihatre 1625 1615 

GIE I*a 

-GBL 3160 3170 

[Gcvoert 6730 6710 

itcradlribank *780 *no 

[Pelrafi na W 109H 

Royal Mtw 3820 3900 

Sac Gen Bmaue gxra *30 
- mBetolaue ,2l»,2lT5 
10925 11050 
r 12250 12175 

itxH 7930 7800 

21500 21450 
Tin 2078 2068 


ANZ 

BHP 

Boral 

Bouaalnvlllc 

Coles Myer 

CooKrtco 

CRA 

CSR 

Dunlop 

Fosters Braw 

Goodman Flew 

ici Australia 

Moirtlan 

juijm ^ 

Not Aust Bank 
News Cora . 
Nlm Network 
Pioneer inn.. 


Sydney 

313 3* 
1396 1398 
3.11 3.10 

Vine OM 036 

ycr 1176 117® 

i 4.10 4.15 

1380 1340 
440 4J8 
507 5J0B 
Brew l.w 7^? 

m FleM 1* 1* 

RWIa 5* 5J» 

m 1-g tS 

218 US 
it Bank 714 7* 

ora 2110 21 A* 

rtwork NA —i 
■ urn 195 216 


Nmndv Pose Won 1.11 1* 

N Broken Hill 215 2J0 

OCT Rsmurcee l.ri 1.W 

Santas 175 2J5 

TNT 1-52 1-51 

Western win Ira 5.17 |17 

WeitPocBmklns 3^ 
WoadsMe U6 3* 


&^Sffrs^sr : 


ifl) 547V!, 

645 557 

Jul 553 555Vj 551 + 

Aug 557V, 579 555V. 

SeP 558V, M1V4 5.77V, 
S£S, cnS 55790 55316 

553V5 

S76Xt +0316 
55916 

+JI3V, 

659 558 

664 193 

648 V, 656 

671 6U9VJ 

659V* 63S 

6.15 *JM 

630 569 Va 

593 555V5 551 li 

N»T 601 WA 651 
May 6J07V, 6.10 647ft 

JJ 652V, 615 61IW 
AuP 

tto, 601 652V, 600 

55316 +OW. 
60116 +0316 
60016 +Jm» 

613 +0% 

611 +-0* 

605 +^ 

601 +01 






17540 

17610 +08 

19X60 17150 

18250 

Sep 177JW 17750 17661 
OCt 19X00 19440 19301 

17700 +00 

19*00 . +l-*0 
19300 +100 


H 

ii 

l 

s 

19350 +50 

71X00 iWJX 

210 HT 1943C 

2W50. 19541 

May 19500 19540 W45t 
Jul 

19400 +-X 

19540 +J0 


SocGenBeWaue 

Soflna 

Sdvov 

Troctabel 

UCB 

Poneriln 


Johannesburg 

; CI 700 700 

Si?Amer lia|^ 
■rlmm 51 .5 


AECI 
AH«tl 
Anglo Amer 
Barlows 
Blwoor 

BuHOIS 

OeBeera 

DHefanleln 

Genojr 

GPSA 

Horrnony 

HWtveltJ Steel 
Kloel . „ 
NedbankGrn 

Rand tonic hi 

Rusplal 
SA Brews 
SI Hdcna 
Sasol 

VValkom 

western Deep 


340 3J50 
2425 7X50 
B32S 8315 
«140 4075 
1IOO 1140 
7175 71.75 
14J5 14*. 

12J5 OJg 
26 25 . 

1650 16* &£L‘ 
giAOglPrav 

18 1725 
17 16JS0 
8950 8950 
Index : W83 




Sao Paulo 


Banco da Brasil 266 245 

Bradesco 1^ 170 

Brrtima 5M 5M 

Pa ranaaen ema 5*50 47* 
Pilradras 15000 14100 

Tulebral 7150 6130 

W^RteDOC g7 M 

ttSStf®**** 


7150 6X50 
277 261 

440 380 


iwmesmann 99350 293 



Singapore 

Caretos 334 128 

its itJS 

Fraser N80V8 10J0 It® 

Gulins US (2D 

oStanHopePI >•» !■» 

n n 


liKheew 
Kepcet 
KLKfPOIW 
LumOiOMi 
Malayan Banks 

OUB 

OUE 

Sembawens 

Shunflrtja 
5tme Dartiy 

SWre Land 

Strati* Trodlno 
UOB 

UOL 


i75 5J5 
?M 7M 

w Hi V2, 

ng 1JB 107 

Banks S70 

955 »5D 
540 550 
740 750 
MS 755 755 

j 550 £20 

245 141 
12J0 13 

jnd 3M 545 

nso W IS 

IrtWWp 246 247 

rauma 3* SJO 

140 140 
UnmMl.;M87J5 




Rnanctsd 


15H 158k 
189k 189k 


4650 4642 4555 46* 


US T. BILLS CIMM1 1 

SI mUilon-ptecflOOPCt. 9 ^— 

B M 

jls^ “ r 

SwS SScSnlnl. 3W47 oH« 

3 YR. TREASURY tCBn 




— 50 • 

■ ,—M : 

-56 


— l5* 

— >51 
—51 


-• — i51 


- -4! 


. —51 . 
- — J1 

: .#■- 


^D«OPenliiU4M*4 up23B7 


Stock Indexes - 

(indexes compiled sPorttv be f ore mark e t dooeV 
SP COMP. INDEX (CME) 

pelnts and cents ■ • • 

OT50 Sep 41/ .J 4165S 41355 4li» ^+40 
42 W, 39550 Dec 41545 41475 41345 41645 - +55 

Est. Sales _ Prav.Salas 30596 

Prav. Day Ooen rnt.149476 udJ 99 
NYSE CO MP. I Hoax (WYFC) 
pamtaandaenn 

23345 21255 Sep 22 EJH 228 J 0 226 J 0 22 B 25 “+.W 

mfl 21 US Doc 22 M 0 22 E 7 D 22755 227 J 9 P ; t-» 

Proy.Saiee 67 n .-•••• 

Prav. Oav Ooen InL 6251 off 148 


Commodity Indexes 

Woody's W§3? 

Reuters 1 J 53 JB 

EU. Futures 11934 

Com. Roseardi nuu 


Stockholm 

SS5 SK 

pa. » 1 

ifflr 8 | s — YftrMlte 

EsMiteA , N.a — Toronto 

WES" ssKisa ,w 6 « 

n 3 j ™.sssar 5v sw 




tvTuSil+i ik^i -■'.■"1- 



































Airbus Deal With United Threatens 
To Reopen EC - U.S. Subsidy Dispute 


EC Targets 3 Asian Dragons 


Frankfurt 

DAX 


London 

FTSE 100 Index 


Paris 

CAC40 


8*uUn 

PARIS — Airbas Industrie's 
blockbuster deal to lease op to 100 
A-320s to United Airiues is show- 


en that United is its biggest U.S. 
efient. 

Boeing has suggested that Air- 
bus, a consorthm} made op of two 


signs of reviving a dispute over state-owned and two publicly trad 1 
airoafi subsidies between the Eu- 


Airbus has declined to comment 
on the financing. A report by 
French business daily Les Echos on 
Friday said that a syndicate of Eu- 


,?!* be‘ 


xopean Comm unity and the United 
States. 

Some industry analysts have 
speculated that the enter may can 
into question an April 1 accord 
between Brussels and Washington 
Sro i21 l!lt *S?^ I ^ that sets a 30 to 35 percent cap on 
Sr govornmetd funding for airplane 

•id I devdojjmenL 

An Airbus spokeswoman de- 
clined to comment when asked if 


ropean banks, including France's 
suite-owned C rid it Lyonnais, 


An excess supply 
of A-320S on the 
market led! 

Airbas to offer very 
aggressive terms, 
analysts said. 


state-owned Credit Lyonnais, 
would fund the deal. 

A Credit Lyonnais spokesman 
said the bank bid on the deal but no 
syndicate had been formed. “Pro- 




SJpSte! SSS^S^ei^SIS S,S!sessl ssp™? 


f Ms fell ta , 

‘«a*J 


c ons or ti um's lon gstanding pftdn'ftp Wu 9 dc ^ l hb<xausc Airbus is noi 
that itt'gowSSidmSCSS . a ffiS eeoi * 1> fc 
aid is refundable and doesnairt»- re responsible to sharebold- 

reseni a subsidy. m and our employees for the long- 






“•“aiedifoi 


reseat a subsidy. 

“An agreement was reacted in 
the spring between the EC and the 
U5. negotiators on the issue," she 
said: "It is not up to us" whether or 
not the issue is reopened, she added. 

Uniied’s parent, UAL Corp„ 
said Wednesday it would lease 50 
A-320s and take options on anoth- 
er 50. The order was Airbus’s first 
with United, and it was a bitter 
pill for Boeing Co. to swallow giv- 


tenn success oT Boeing Co„ there- 
fore we went as far as prudence will 

dictate." a Boeing spokesman said. 
“Obviously Airbus could do 
more. 1 * said another spokesman. 

Although analysts said the A-320 
had many techmcaj advantages 
over Boeing’s 737-400, they sug- 
gested that Airbus won the order 
partly because it gave unusually 
seductive financing terms, a view 
UAL seemed to echo. 


- wit 1 

'•‘=y Juh 15 / 


jrci ; 


EC to Discuss Measures 
To Control Farm Fraud 


%»/»« 


: ^ Ha 

tV i'-** 5 r 5 -*- ndfto 


Compiled by Ow Staff From Dispatches 

LONDON — Measures to con- 
trol farm fraud will be discussed 
when European Community farm 
ministers meet under the British 
presidency in Brussels cm Monday, 


In Brussels, the Community^ 
top industrial-affairs official criti- 
cized moves to weaken EC-wide 
programs by handing more powers 
to national governments. 


■'-•mwil Agriculture Minister John Otlm^ - 

5 !• . I wntreii ttrif »» Commisaoner Martin Ba n ge mann 


Sli!9 * 


mer of Britain said Friday. 

The measures are at pro- sa ^ ^ lowest tier goveraMn 


v '<7 iha ihw 
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regime agreed upon in May, by 
which farmers wifi ^compensated 
for sharp cuts in prices if they take 
land out of production. 

“We want to try and establish a 
realistic date for their implementa- 
tion," Mr. Glimmer saftL^We can’t 
have some countries trying hard to 
respect the rides while others ig- 
nore them." 

The complexity of the reform 
jwrifay and uncertainty about its 
details, notably the setting aride of 
arable land, has fueled fears of ah 
escalation in fraud and unequal 
treatment in the 12 member states. 

Fraud, mostly involving import 
duties and faun payments, cost the 
EC more than$230 million in 1991,. 
an official report said last month. 

Mr. Gnmmer said farm ministers 
wotdd also discuss banana imports 
from developing countries. 


was not always the best one to deal 
with problems. 

“This is a very important de- 
bate." Mr. Bangemann said. “If we 


has been decided.’ ' he said. 

Analysts said Airbus had proba- 
bly cut prices to the bone in the 
deal because there is a glut of A- 
320s on the market and leasing 
companies are hungry to place 
their own planes. 

“There is a very substantial over- 
hang of A-22Q&, particularly of the 
V-2500 type, in the market," said 
Paul Nisbet, an aerospace analyst 
with Prudential Securities Inc. Un- 
ited's planes will be equipped with 
V-2500 engines, built bv a consor- 
tium led by Pratt & Whitney and 
Rolls-Royce PLC. 

“It was better to lake this deal at 
no profit, or perhaps a ana J) loss, 
than not at all," said Sandy Morris 
of County NatwesL 

An Airbus spokesman said on 
Wednesday that the financing did 
noi include anv government in- 
volvement and die overall structure 
of the deal it offered was similar to 
Boeing's proposal. 

A U.S. congressman. Rod Chan- 
dler, appealed on Thursday to the 
VS. trade representative, Carla A. 
Hills, to order an immediate inves- 
tigation into the conditions offered 
by Airbus. Mr. Chandler issued a 
letter in which he said Mrs. Hills 
had assured him that the govern- 
ment would immediately begin an 
investigation of the Airbus bid. 

The Airbus spokeswoman re- 
seated the consortium's position 
that its partners received refund- 
able launch aid from their govern- 
ments but that this did not consti- 
tute subsidies. 

She said Airbus partners paid 
back $ 1.8 billion in sucb aid 
through 1991 and expected to re- 


By Andrew Rosenbaum 

SpnuU iv the Herald Tnbune 

BRUSSELS — South Korea, Hong Kong and 
Singapore appear likely to lose their long-enjoyed 
preferential mule statu* in the European Commu- 
nity, consultants and analysts say. 

Under u 28-year-old UN program, the fast- 
growing Asian economies are classified as develop- 
ing nations and thus are able to export duty-free to 
the C-nmmuntiy goods such as electronic compo- 
nents, televisions and other consumer products. 

Now. however. Brussels has quietly undertaken 
“the most extensive review of the program the 
Commission has ever made,” according to John 
DeNeumunn. an official at the EC Directorate 
General 21, the administrative arm in charge of 
trade. A decision on whether to abandon the spe- 
cial sums is expected within a month. 

“It is most likely they will lose the preferential 
status," said Alisdair Geater. a lawyer and consul- 
tant in EC affairs. 

The change is expected to have a significant 
effect on the Asian economies, although econo- 
mists said it was difficult to quantify. 

"Europe is an important market for these coun- 
tries." said Wendy Niffikeer, an economist with 
James Capel & Co. in London. “It should be quite 
negative. 

The move also could mean substantial benefits 
for Europe's troubled electronics industry- South 
Korea alone exports 5825 million-worth of goods 
to the Community annually, mud) of them in the 
dec ironies industry, according to the Organization 
for Economic Cooperation and Development. 

There have been increasing complaints from 
European electronics manufacturers about South 
Korea's preferential status. 

Companies like Samsung are able to export, for 


5 1 e, unlimited amounts of computer memory 
to Europe without paying the usual 4 per- 


cent tariff on them. Europe produces less than one- 
third of the computer memory boards it requires. 

“As a result Korean companies hove been able 
'to gain a leading position in the market," said 
Byron Harding, an electronics industry analyst 
with Daiaquest Ltd. in London. “These companies 
already have a considerable cost advantage over 
European producers," be said. "Making them pay 
the tariff would bring them into line with Europe- 
an producers.” 

The Asian nations enjoy their status under the 
Generalized System or Preferences, an accord ne- 
gotiated by the United Nations Conference on 
Trade and Development under which industrial- 
ized nations remove all tariffs and duties on certain 
products from designated developing nations. 

Although the U.S. withdrew GSP status from 
the fast-growing Southeast Asian economies of 
South Korea, Taiwan, Hong Kong and Singapore 
in 1989, the Community has been slower to react, 

“GSP was intended to help the least -developed 
countries, but it hasn’t worked out that way," said 
Marcus Noland, an economist with the Institute 
for Internationa] Economics in Washington. The 
10 bencfksajycoun tries with the hugest economies 
have shared 70 percent of the GSP advantages 
afforded by the Community. 

The EC Commission has made a proposal to 
GSP to remove ceilings on imports from beneficia- 
ry countries while changing the preferential status 
of well -developed economies. South Korea, Singa- 
pore and Hong Kong are expected to lose these 
benefits in the coming review, analysts say. 

The Community has made a similar proposal 
regarding the benefits these countries enjoy under 
the General Agreement on Tariffs and Trade. 

Separately, the Commission is currently consid- 
ering anti-dumping measures for South Korean 
manufacturers of dynamic random-access memo- 
ries. or D-RAMs. 


1900 


1 2 T 0 Q T" 



2700 j* 

2600 -—— r- 



1600 F u ■' '.j j 


F M a M J J 


f M A M J J 


1500 F'M' A Ml J' 
1992 


Exchange 


Amsterdam 
Brussels 
Frankfurt 
Frankfurt 
Helsinki ~ 
London 
London 
Madrid 
. Milan 

Paris 

Stockholm 

Vienna 

Zurich 


CBS Trend 122.00 

Stock IndrnT 5 JtQ5J6 

DAX 1,754.48 

FAZ B93.B5 

HEX 744,32 

Financial Times 30 t, 903-70 

FTSE 100 2,490.80 


General Index 
MtB 

CAC40 
Afiarsvariden 
Stock Index 
SBS 


2,490.80 

235.70 

BG8.Q0 

1,859.44 

1,013.96 

410.63 


Prev. 

Close 

120.40 

5,775.33 

1.757.64 
694.SQ 
736.51 
1.913-90 
2,497.90 
235.92 
854.00 

1.861.64 
1,005.16 
413^5 
633.10 


% _ 
Orange 

■■t-1.33- 
+0.53 
-0.18 
-0.09 
+1.06 
-053 
-0.28 
-009 
+1.64 
-a 13 
+ 0.88 
-0.63 
+0.74 


Sources Reuters, AFP 


lubnuikusl Herald Tfihuii; 


Very briefly: 


Deutsche Bank Buys Gerling Stake 

Compi/ej hr Ow staff Fnm Dupaicha Nd [her company would riisd tw Gerling, founded in 1904, has up to 

FRANKFURT — Deutsche the price of the" acquisition. A now beam fully owned by Rolf 


Compiled hr Ow Staff From Dispatches Nd ther 

FRANKFURT — Deutsche the price 
Bank. Germany's largest bank, an- spokesman 
nounced Friday that it had agreed it was pur 
to take a 30 percent stake in Ger- Deiusd 
ling, the country's third-largest in- agreement 
su ranee group and the last major acterofG 
one remaining in family hands. a major I 


spokesman for Deutsche Bank said 
it was purely an investment. 
Deutsche Bank said that the 


Gerling, a descendant of the com- 
pany's founder. 

Gerling had premium income of 


agreement would enable “the char- 8.2 billion Deutsche marks IS5.4 
aeter of Gerling to be preserved" as billion) in the latest financial year 


a major family-controlled group. 


want an ever doser Europe of pco- Da y $700 million morethis year. 

. T . mommA fltntflf HI # .HMflAt fltV * .... * 


Elf Studies Qatar Gas Project 


pie and state then “In addition to repayment, they 


cept that prrfwence for the lowest a ^ of ro ^ - she add . 


and manages assets of 22 J biffion 
DM. It has branches in IS coun- 
tries outside Germany and a total 
payroll of 9,400. 

Although Gerling ranks third 
among Germany’s insurers overall 
it ranks first in industrial insur- 


possible level 


ed, “which means that this evenlu- 


Elsewhere, however, Mr. Bange- ally provides a profit to the govern - 
mann stressed a hands-off ap- men is/’ 


Compiled by Ow siatf From Dispatches to ^ ^ North Field, which it ranks first in industrial insur- 
PAR1S — France's Elf Aquitane Elf estimated had reserves of at once. Deutsche Bank said that the 
and Sumitomo Corp. of Japan said least 4.5 trillion cubic meters of gas. new arrangement should allow 
5S^ l SMEl?.!S France’s other major oil compa- G^gurjemaioapannerteGer- 


• Standard Chartered PLC said it would sell its discretionary portfolio- 
management businesses based in London, Jersey, the Isle of Man, Hong 
Kong, Singapore and Boston to Capital House, Royal Bank of Scotland 
Group's investment-management subsidiary. 

• ACEC Energie is to receive a 262 million Belgian franc ($8.4 
subsidy from Belgium's trade minisny to help it finance over 10 years the 
building of a power station in the Chinese province of Hunan. 

• DAF NV said its marketing, sales and service organization. DAF 
International, signed an assembly contract with Associated Automotive 
Distributors of South Africa, which win assemble and begin selling by 
July 1993 DAF products including delivery vans, trucks and buses. 

• Britain’s retail price index was unchanged in June from the previous 
month and up 3.9 percent from a year earlier. 

■ Carlton Communications PLC said a unit invested S15 million in return 
for a 10 percent stake in the recently formed U.S. movie distributor. 
Savoy Pictures Entertainment Inc. 

• Yugoslavia is still making all debt payments to (he International 
Monetary Fund and the World Bank while other debt payments have 
been temporarily suspended, a National Bank director said. 

• Huhtnmadd Oy said it agreed to swm> its domestic beverage unit Marh 

Oy for. the confectionery business of Oy Rettig AB. a privately held 
company with tobacco, brewing and metal products interests. 

AFX. Bloomberg. Retain 


Friday they have agreed to study 


the feasibili 


proach to EC industrial policy. The Airbus partners are Aero- 


a3£o*Z2eiai 


‘There is no strategic industry spatiale of France, British Aero- 
whicb Europe must main tain,” he space PLC, Const ruedones Aeron- 


ral gas field in Qatar, one of the 
world's laigest, |o supply the Mid- 


said. Mr. Bangemann said there auticas SA of Spain and the 
was no reason to fear Japanese Deutsche Airbus unit of Germa- 


dle East and Asia. 

Tbe agreement is for 25 years 
and the project to be studied would 


Gerling to remain a partner to Ger- 
man industry. 

Deutsche Bank and Gerling al- 
ready jointly own a venture in a 


HSBC Boosts Midland Stake to 91% 


the State-owned Working People's J 01 ™? OWD a vrauuc “ a 
Daily said Friday. sector of corporate insurance, 

. , , , . J , which started operating last year. 

The contract is only the third for ------ 


domination of semiconductors, “as ay's Daimler-Benz AG. 
lose as the technology is freely Boeing's stock, which has 
available." slumped since the Airbus deal was 

.... .rj „ announced, slipped anew on Fri- 
todustnal pohey should an- mjorts that Lehman 

swer mdustiy^needs and not die- Brothers had downgraded its rating 


cover the production of 4 million offshore exploration signed with 
metric tons a year of liquefied natu- Burma, whose relations with far- 


ts, the companies said, 
e study wul look at 


* * T - - « | vt uiuuiu a uau uvni 

tare companies’ pohaes, Mr. Ban- oa ^ t0 


gemann said. 


menting offshore production. 


des said. eign countries remain strained after 

look at imple- several military crackdowns. Ten 
s production, foreign companies have started ex- 


building a liquefies ti on plant and ploration activities onshore. 


the possibilities for shipping the 


“buy." The Lehman analyst who 


The EC plans to stop* 20 percent 
tariff on Latin American bananas in 


EC funds could bdp industry follows Boeing declined to com- 
prepare for challenges where costs menL Boeing shares were off 50 


gas to Japan, Taiwan and South 
Korea. Construction would begin 
in 1996 and tbe first deliveries 
could be made in 2000, Elf said. 

Elf signed an agreement with 
Qatar in May 1991. giving it rights 


(AFP. Bloomberg, AP) 


Gerling is also the reinsurer for 
Deutsche Bank’s private life-insur- 
ance business. 

The deal will need tbe approval 
of German antitrust authorities, 
since Deutsche Bank is already ac- 
tive in tire insurance business. 

~ (AFP, Reuters. Bloomberg) 


Bloomberg Businas News 

HONG KONG — HSBC Holdings PLC said Friday that it controlled 
721.1 motion shares in Midland Bank PLC, or around 91*27 percent, and 
it declared its offer for the British bank unconditional 

Valid acceptances for its offer bad been received from holders of 5105 
million Midland shares, or 7221 percent, by Thursday afternoon. HSB£ 
the holding company for Hongkong & Shanghai Banking Corp^ owns a 
further 150.6 mini on shares, or 19-06 percent ; 

HSBC also said it had appointed Midland's chairman, Sir Peter 
Walters, and its group chief executive, Brian Pearse, to tbe HSBC board. 


.'.iVU 


January to protect more 
African and Caribbean p 


would prohibit initiatives by indr- cents at 53930 in early afternoon 
vidual companies, Mr. Bangemann trading. They stood at $41.25 be- 


( Reuters, AP) fore the Airbus deal 


5:- l \. zs-: 
i; E O". 
.ila : as c - 


I T attm AA/n?mr<A 1 


BANANA: An International Industry Is Helpless as Prices Keep Diving Ig 




<•. “ - ^ 4 a • 

■ ; , »•; . ra -a 3 1 

... • •- * * 


industrials 


^3 


(Onfimed from tot finance page) 
than 5400 nuUion — the same as 
last year —but mostly on six previ- 
ously ordered ships far Chiquita’s 
Great While Fleet of refrigerated 
fnagbtos. 

The company took advantage of 
a steaddy rising stock price in 1990 
and 1991 to sell shares, in pan to 
finance the expansion. 

In early 1990, it sold 7.1 million - 
shar es at 519.07 a share. That De- 
cember, U sold 3 J million shares at 
530.625 a share. Last summer, the 
company sold 5.6 million shares at 
$43325 a share. 

American growers had great 
hopes that a unified European mar- 
ket would bring new selling oppor- 
tunities. “There was a feeling that 


But because of a breakdown in result, retail prices in parts of Eu J expansion in Europe and that the 
trade talks between the United rope dropped this spring by 20 per- company had hid from Wall Street 
States and the European Comma- cent from last year. just bow severely the low prices 1 

nity, countries tike ~ 


Commur- 
l, France 


Britain were allowed to keep 
ishre agreements to buy all 


exclusive agreements to buy all 
their bananas from their former 
colonies. 

The Community is also consider- 
ing a 20 percent tariff on bananas 
from Larin America, where the Big 
Three brands grow most of their 
produce. Without explosive de- 
mand in Europe, bananas have 
been left to rot on the piers in 
Ecuador, executives said. 

Fruit from Latin America is 


They fdl a more modest 12 per- 
cent in tbe United States, which 


just bow severely the low prices 
would hurt iL 


LATIN AMERICA 

THE NEW ECONOMIC CLIMATE 

Madrid, July 21-22, 1992 


Since 1 984, when his family pur- 


also absorbed some of the excesses, chased a controlling interest in the 
and could tumble more here if tar- company, then known as United 


iffs are imposed in European mar- Fnm. Mr. Lindner deliberately set 
kets now open to Latin fruit. In out to cultivate a more open image 


A major conference co-sponsored by the International Herald Tribune, 

In ter- American Development Bank and Ajrgentaria-Corporacidn Bancaria de Esparia 


New York, bananas cost about 29 than his secretive father, who runs 
cents a pound retail down 5 cents ? far-ranging empire with holdings 


JULY 21 


JULY 22 


from last year. iu insurance and broadcasting. Un- 

like his father, Keith Lindner regu- 
ftofits of tbe tout companies j^y ^ t0 Wall Street analysts 
have suffered. In April, Cbiqmta Md ^ news 


09.30 CHAIRMEN'S INTRODUCTORY REMARKS 

Use W Huebner, Publisher, International Herald Tr*une 
Francisco Luzbn, Chairman, ARGENT ARIA - Corporation 
B an c an a de EspaAa 


flooding into European rounmes m ^ o] 

that lack entrenched relationships down l g percent. 

— -«L 'L<> AwMnniv nArwi tn a ig * 


S*5S He has also worked to overcome 
S- liugering questions about his fa- 
wni™ ther's investment style. In the 
^ , f S1 ' 16 1970s, Carl Lindner was accused of 

fwn 1.8 percent. j raud ^ sl()ck manipulation by 

Qiiquita's problems toe a set- the Securities and Exchange Com- 
ick for Keith Lindner. Some ana- mission in the same cose as his 
ns said the company was overly business associate, Charles H. 
uinristic about the prospects for. Keating Jr. 


. St J 

% Mi 

C5 & 3 

-- *>%i 
l' gzi 


the door in Europe would swin 
wide open.” said John Ml McM2- 
iin, an analyst with Prudential Se- 
curities. 


with banana-growing countries. 

Ra na n " companies have also Qiiquita's problems are a set- 
tried to increase their market share back for Keith Lindner. Some ana- 


in the event that quotas are set 
based on current volumes. As a 


09.45 KEYNOTE ADDRESS 

Carlos Solchaga. Mnetar of Finance and the Economy. Spain 


D930 WHY FOREIGN COMPANIES ARE LOOKING AGAIN AT LATIN i-< 
AMERICA |5s 

Moderator Robert Panero, Robert Panero & Associates 
Ambassador Christian d'Aumakt, Advisor to the Chairman. Kill 
Lyormaise des Eaux inn 

David de Pury, Chairman, Asea Brown Boveri Ltd " 

CAndido VeUsques, Chairman, Teleldnica da Espafia “Ijj 


10.15 LATIN AMERICA: THE SEA CHANGE IN ECONOMIC THINK- 
ING AND PLANNING 

EnrlquoVtglBSlas. President. Jreer-Aroerican Development Bank 


lysis said the company was overly 
optimistic about the prospects for 


10.45 HOW THE NEW IDEAS ARE PROMOTING A MORE STABLE 
FORM OF GROWTH 

Samuel Dorta, Minister ot Ptanrang, Bolivia 

Alejandro Foxley. Minister of Finance. Chile 

Angel Gurria, Undersecretary tor Intemauonal Financial Aft airs. 

Mexico 


10.45 LATIN AMERICAN INTEGRATION: A RENEWED CATALYST 
FOR COOPERATION 
Central America’s Peace Dividends: 

Erwin Kruger, Minister tor External Cooperations. Nicaragua 
The Andean Pact Revival: 

Enrique Garda, President. Andean Development Corporation. 
Bofivta 

The Mercosur 

Feflx Porta, Director of fnfegratron, Argentina 


NYSE 


12.15 CoHee 


12.00 Coffee 




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12.45 INVESTMENT IN LATIN AMERICA: BETTER OFF AND BACK IN 
FASHION 

Pedro Pablo Kuczynskl, Chairman. Nueva Management tnc 
Franc ! bco Luzdn, Chairman, ARGENTARIA - Corporacidn 
Bancaria de Espafia 

Gunther Muller, General Manager. Inter-American Investment 
Corporation 


12.20 ADJUSTMENT MEASURES: GETTING THE SOCIAL BALANCE 
RIGHT 

Carlos Ominami, Minister ot Economy, Chile 

Prof Louis Emmerij, President. OECD Development Canine 


2JI ?U3 


1 * 
***< 
Ir i 


14.15 Lunch 

Guest speaker: Domingo Cava Ho, Minister ol Economic Attains. 
Argentina* 


16.00 COMBINING ENVIRONMENTAL PROTECTION AND SUSTAIN- 
ABLE DEVELOPMENT 

Heman Bravo. Minister ot Natural Resources, Energy and 
Mines. Costa Rica 

Stephen SchmkJheiny, Chairman, Anova AG. Switzerland, and 
Chairman. Business Council tor Sustainable Development 


13.15 LATIN AMERICA STOCK MARKETS: THE EMERGENT STARS 
Alvaro VldigaL Chairman. Sao Paulo Stock Exchange 

A ud lay Twtston Dairies. Managing Director. Latin American 
Securities Limited 

14.15 CONCLUSIONS OF THE CONFERENCE 

Enrique V Iglesias, President Inter-American Development 
Bank 


14.30 Lunch 

Special Address: H E Luis Alberto LacaUe, PresJdem of Uruguay 


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17.00 ROUND TABLE: LATIN AMERICA'S PRIVATIZATION 

PROGRAMS 

Eduardo Modtano, President. National Development Bank ol 
Brazil 

Miguel AguUri, President Iberia 

GerrH Tammes, Vice Oi airman, NMB Postbank Groep NV 


15.30 Close of conference 


‘ Subject to confirmation 


3= IflJO CocktaH Rscephon - Hosted by ARGENTARIA 


In order to provide delegates with an up-to-the-minute outlook tor the 
region the final program will incorporate a number ot additional 
speakers. 


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FEGtSTRATION iNTOfOIATtON: The fee to the con- 
ference is £5951X3. This includes lunches, the cocktai 
reception and aB contorence documentation. Fees must 
be paid in advance and wil be refunded less a £ 60 . 00 . 
creiceflation charge tor any canceflation recavdd in 
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ENTEHNATIONAL HERALD TRIBUNE, SATl ! RD AY -SUNDAY, JULY 11-12, 1992 § 

f* - « — ^*=1; Page 13 


1 

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Unfulfilled Promise in Tokyo 

Foreign Banks Face Big Hurdles to Growth • 


Bbon&erz Butmexs S'e*s 
-- -TOKYO Foreign banks will be bard put u> 
tspand to- estimated 1.5 percenisharcof Japan’s 
flttmmotb loan market, even though they wm 
pro^^^lradia^ operations in 

Thmuneting stock and land prices have caused 
record levels of default and baataoptcy in Japan, 
. adding pitfalls w a S4.8 trillion loan marfcetthat 
has for decades pos ed deep-rooted cultural barri- 
ers to foreign competition. 

Despite the takeout, more o»«n half of the 88 
offices of foreign banks in Tokyo reported a profit 
... for the year ended March 31. But profits do not 
.-'mean a bigger mai-ln-t share. 

"Right now, the only areas of the Japanese 

■ulnw* rrvav'L'jrt lh«» - ff — m - - * — 1 ^. 1 .. — 


who fueled much of the boom in the real estate 


industry during the 1980s. 
' ugh US. 


Although US. banks, facing similar capital 
problems to Japanese banks, missed much of the 
profit opportunity, European banks lopped the list 
Of the most profitable foreign banks in Tokyo for 
theyear ended March 31, analysis said. 

The most profitable foreign bank last year was 
Wcstdeutscfae Landesbank Girozentrale, with a 
profit of 2.79 billion yen <5214 million). It was 
followed by Deutsche Bank AG, Banque Indosuez, 
Sodfetfc Gtofcrale and Commerzbank AG. 

Despite the profits, outstanding foreign bank 



tarn ty for growth, such as the real estate industry, 
a® too- risky,” said Nozonra Kunishige. banking 
analyst for Heinwort Benson Securities. 
^With'tbek Japanese competitors also hobbled 
by tinner hanking and capital regulations, foreign 
hanks would like to grab a bigger share of trvmy to 
-"^- corporate customers. Sluggish economic 
has cut loon demand, however, although 
bankers still hope for inroads eventually. 
-“Until now, it has been hard for foreign banks to 
ezteod loans to Japanese industry," saiaan official 
at . Union Bank of Switzerland, who declined to be' 
- identified. “We want to capitalize on this opportu- 
, mty by strengthening our relationship with Japan’s 
blue-chip companies." 

After building a dominant role in imernational 
lending in the 1 980s, Japanese banks have reduced 
their role in the last few years because of new 
international guidelines requiring banks to have 
capital equal to 8 percent of their assets. 

"■ The retrenchment offered well-capitalized Euro- 
pean basks a chance, and they found ready bor- 
rowers in Japan’s “nonbank" finance companies. 


difficulty because of the fall in value of Japanese 
stock prices and real estate, the most common 
collateral for nonbnnk loans. 

“All in all, the stance of foreign banks is now the 


same as Japanese banks," said Linda Daquil, 
banking analyst at UBS/FhHlips & Drew. “Priori- 


ty is being plated on maintaining dean loan port- 
folios and high credit standards rather than ex- 
panding market share." 

Foreign bankers now are now waiting for oppor- 
tunities to lend to Japan's riant manufacturers, but 
some analysts say that takes more than just well- 
turned lending gain share here. 

“To really penetrate the banking industry in 
Japan you have to go retail, and that can be 
expensive,” said Ms. Daquil 
So far only Gtibank of the United States has 
invested in Japan’s retail market, opening five 
branch offices with two more on the way. The cost 
of the opening branches has eaten into tbe bank's 
profits, said a Citibank spokesman in Tokyo. 


Citibank was the most unprofitable foreign 

yen for 


bank in Japan, with losses of 9.21 billion yen 
theyear ended March 31, against a profit of more 
than 10 billion the previous year. 


Li’s Buyout of Cavendish Approved 


By Laurence Zuckennan 

Imrntoxkml Herald Tribune 

HONG KONG — Hutchison Whampoa Ltd, one 
of Li Ka-shing’s main quoted vehicles, succeeded 
Friday in its second attempt to take private its subsid- 
iary Cavendish International Holdings LuL when 
shareholders approved a 5.84 billion Hong Kong dol- 
lar (5754,6 million) buyout offer. 

Nearly 97 permit of shareholders voting at an 
extraordinary meeting favored Mr. Li’s offer of 550 
dollars per share for the 36.62 percent of Cavendish 
that Hutchison did not already own. 

Cavendish is an investment holding company whose 
assets indude interests is Hong Kong residential 
property, 24.S percent of Canada’s Husky Oil and 34 
percent of Hong Kong Electric, one of the colony's 
two electric utilities. 

Simon Murray, the Cavendish chairman, who is also 
group managing director of Hutchison Whampoa, 
said Cavendish's holdings would be consolidated with 
similar assets controlled by Hutchison. 

“We are investing more into our existing business- 
es." he said. “They are businesses we understand. 
They are businesses, indeed, that we run to a great 
extra t for Cavendish so it is very logical” 

Mr. Murray refused to comment an rumors that 
Hutchison would Lop the market for funds to finance 
the deal or sell off the Hong Kong Electric stake. "We 
have the resources to do it. ’rtat is all I can say," he said. 

The deal leaves Hutchison holding 49 percent of 
Husky OQ, which has been struggling in recent years 


due to low energy prices. An additional 46 percent is 
controlled by Mr. u personally. 


Tbe Husky investment has been widely view ed as a 
costly mis take that has depressed Hutchison's earn- 
ings, but some analysis now say that Hutchison's 
provisions for the decline in tbe value of Husky’s oO 
and gas reserves have been too conservative and that 
Husky could bring huge profits once prices recover. 

Analysts said the Cavendish transaction would not 
place much strain cm Hutchison, which had net cash of 
491 million Hong Kong dollars at the end of 1991. 

{Camming Wong, an analyst at S.G. Warburg Secu- 
rities (Far East) Ltd., suggested that Hutchison would 
sell some of Cavendish's property assets to Cheung 
Kong (Holdings) Ltd., Mr. Lrs flagship company, in 
order to defray some of the cost of the deal 

Mr. Li first attempted to take Cavendish private in 
February 1991, offering 4.10 Hong Kong dollars per 
share, but failed to gel the necessary 75 percent major- 
ity of shareholder to go along. 

Cavendish's price has since languished, while the 
Hong Kong stock market has hit record levels. Mr. 
Li's second bid, made in May, was considered more 
generous, representing a 32 percent premium on Ca- 
vendish's closing price the day before it was 
announced. 

However, some analysts still complained that the 
5.50 doOar bid was at a large discount to Cavendish's 
net asset value, estimated at between 6 to 7 dollars. On 
the other hand, shareholders knew they could expect a 
continued lackluster performance by the stock if they 
rqected tbe new offer. 


Investor’s Asia 


Hong Kong 
Hang Seng 

m 


Singapore 
Straits Tiroes 


Tokyo 
Nikkei 225 


m 


- 22500: 



20000 


17500 



"•ro ties 
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QunaBdabehEo(momy 
Ta Reflect Deng Policies 

A grace France-Presse 

BELTING — China has dropped 
the word “planned" and added 
“marker to define its economy, sig- 
' nsHng a new phase in economic re- 
foanslannched by Deng Xiaoping. 

China will call itself a “socialist 
market economy,’' rather than, 
“planned commodity economy.” 

*• “It is natural and logical that the 

initial planned commodity econo- 
my has been transformed into a 
socialist market economy," said an 
official of the State Commission 
for Restructuring the Economy. 


Vietnam Party Tries Business 


Agenee France-Preac 
HANOI — Vietnam’s Communist Party intends to benefit from the 
development of a market economy and CD its coffers by creating its own 
businesses, the official party newspaper, Nhan Dan. said Friday. 

The party wants to create industrial or trade companies of limited, 
stock or joint-venture nature that will directly fund the party’s budget, 
the paper said. “State enterprises must function in an efficient way so as 
to be an example to other firms," it said. 


The decision was taken at a recent meeting in Ho Gn Minh Cityof 

.The 


party secretaries rad deputy secretaries bom Vietnam's 53 provinces, 
derision was justified given that “financial affairs contributed to the 
edification of the party," the paper said. 


Vietnam's communist leaders have moved to tackle the coun tty’s 
economic crisis by developing tbe private sector and attracting foreign 
capital 


Downgrading 
Hits Minolta 


Bloomberg Businas News 


TOKYO — Minolta Cam- 
era Co, reeling from a S127 
million payment to settle a 
paten i-infri ngemen i suit by 
Honeywell Inc- suffered an- 
other blow Friday after 
Moody's Investor Service 
downgraded its long-term 
credit rating. 

Moody's downgraded the 
rating to Ba2 from Baa3, and 
that of Minolta's wholly owned 
subsidiary Minolta Europe Fi- 
nance tooaZ from Bal. 


The settlement payment 

. factor in the 


to 


Honeywell was a ! 
downgrading because it weak- 
ened Minolta's balance sheet 


The downgrading also re- 
flected the risk that Minolta’s 
earnings will come underpres- 
sure because of the sluggish 
market for cameras and busi- 
ness machines. 


FH5 A M J j ,3tfi F M A 
199S 1992 

M SI 15 

«rsfA 

1992 

M J J ! 

Exchange 

Index 

Friday 

Close 

Prev. 

Close 

% 

Change 

Hong Kong 

Hang Seng 

5,981.36 

5,925.52 

+0.94 . 

Singapore 

Straits Times 

1 ,487.05 

1.461-02 

+0.41 

Sydney 

AS Ordinaries 

1 ,644.40 

1,642.10 

+0.14 ; 

Tokyo 

Nikkei 225 

16,783.72 

16,845.66 

-0.39 ; 

Kuala Lumpur Composite 

611.57 

603.72 

+1.30 ; 

Bangkok 

SET 

739.13 

743.11 

-0.54 

Seoul 

Composite Stock 

523.98 

523.07 

+0.15 

Taipei 

Weighted Price 

4^16.79 

4,337.99 

■0.49 

Manila 

Composite 

1,47658 

1,435.52 

+2.84 • 

Jakarta 

Slock Index 

N.A. 

320.13 

- 

New Zealand 

NZSE-4G 

1,566.92 

1,577.80 

-0.69 

Bombay 

National Index 

N.T. 

1,336.75 

- 

Sources: Reuters. AFP 


lrili.piai *-n*l ll» 

raUl Tnhuito 


Akai Swings Into Red 


Very briefly: 


As Yen Dents Exports 


■ Japan adopted a plan aimed at cutting annual working hours by about 
10 percent, to 1,800, by 1997. 

• Mongolia’s Central Statistical Bureau said industrial production fell to 
S1.56 billion in the first half, a 23.7 percent drop from 1991. 


Agenee Fronce-Pnsse 


TOKYO — Akai Electric Co., a maker of audio and video equipment, 
said Friday that tbe strength of the yen depressed its exports and led to a 


pretax loss of 623 million yen (S5 million) in the first half. 

The company also predicted that it would remain in the red for the full 
year. 

Tbe loss in the six months ended May 20 compared with Akai’s earlier 
forecast for a profit of 600 million yen. It also represented a reversal from 
a profit of 1.7 billion yen in tbe same period last year. 

The company, which relies on exports for more than 90 percent of its 
revenue, said sales fell by 18.6 percent to 24.5 billion yen in the first half. 
Sales of video products dropped 19.9 percent, to 17.7 billion yen, while 
audio sales slumped 473 percent to 2.5 billion. 

Sales of other products rose 32. 1 percent to 4.3 billion yen. Akai makes 
electrical appliances and musical instruments in addition to audio and 
video goods. 

European sales, accounting for some two-thirds of revenue, fell 30 
percent. Sales also were lower in other regions except Asia-Pacific and 
Japan. 

Akai forecast a pretax loss of 200 million yen for the full year, reversing 
an earlier projection of a 700 milli on yen profit. The sales forecast was 
revised down to 59 billion yen for the year, compared with the previous 
forecast of 67 billion yen. 


• Wesfpac Ranking Corp. of Sydney said it intended to cut lending rates 
by half a point for most types of loans from August, following a 0.75- 
pbint rate cut by the Reserve Bank of Australia. 

• South Australia's state government said it would sell its 563 percent 
stake in Sa grego Holdings LtiL, a gas utility and exploration company.- 

• Ming Pao Enterprise Corp., a Hong Kong publishing group, said net 
profit rose 27.7 percent in the financial year ended March 31. to 126.1 
million Hong Kong dollars (SI 6.2 million). 


• Korea Exchange Bank became the first South Korean bank to open an 
office in China. 


■ The Japan Bond Research Institute is maintaining its AA -minus rating 
for a coming bond issue for the Bank of China. 

■ Japan plans to establish around 10 trade-access zones across the 
country during the next three years under a new import-promotion law 
that comes into effect next week. 


• A report prepared for Japan's Economic Planning Agency proposed the 
establishment of a multilateral forum for economic cooperation between 
Japan, North Korea, South Korea, northeastern China and the Russian 
Far East 

• Australian Mutual Provident Society, Australia's largest life-insurance 
concern, has opened a Hong Kong branch, its first in Asia. 

AFP. AFX, B loombag, AP 


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to Oor: E {Gilttel Enullv)— 4 12A4 

w CtanCi Gtabal Bond) — _S ITS 

wCtes B (Ecu Bond) „ 1MI 

JAROI NE FLEMING. GPO Bo* 1 IMS Hpjft 
ASEAN Tntel—: * OA1 

1244 


d JF 

d JFForEBSfWndTr- 
d JFGtexdCcnv.Tr— 
tf JFHsnp KMB Trust. 
d JF Japan 5m. CoTr_ 
tfJF Japan Trial. 


tf JF Motors la TiuN S 

tf JF Podflc Inc. Tr. S 

tf jFTlwfl andT nBf a 

JOHN OOVETT MAMT CL04U LTD 
Tel: 44424 -429420 

w Govotl Mon. Futures. JL 

wGawenSGear.Cerr— J 

to GterTf Man. Fuf. USS. — * 

JUUU5 BAER GROUP K f . 


1247 


MU 

1479 

1877 


dC MOO 


JF 


tfHtto 




_SF 



■swr*"- 


dU> 


tf Donor bw Bond Fund — l 
0 D*MorX Boer Bond Fund__DM 

rfEmSSiw&iriwFite* — DM 


tv Mumadirtsjsr Forex Fd. 
KIDDER, PRaBODY 

& OxMpeofct Fund LM S 

b tan Guaranteed Fund — ^ 
b smnewnon LM- . « 

8 ThaGM Asset Alloc FdUd 5 
b The Krteoar Cucr. RJ Ud_J 


94540 

163840 

124880 

2U340 

158240 

UD308 

201440 

220440 

214540 

125440 

102940 

mn 

R» 

H2T7JB0 


152843 
111344 
1289 JT 
95377 
■94348 


LATIN AMERICAN MANAGEMENT Co LM 
Tef : London 871 629 1234 _ 

w Aiv n M Wi Invest On State* VJU 

to BmzlUan invest Co ShBv^ 
wColOMlN«\ 
toUNlnAmericsi 

to Mexican fnvesl i 

UP?'!.i INVESTMENTS 

to Java Fund— 

w IdR Money Market 
to USD Money Market Fd 
• Indonesian Growth Fd 


to Allan growth Fu nd—, 5 


1^ to Aston wonmt F 


MALABAR CAP MGMT (Berawdal LTD. 


mMatefcar inn Find. 


MAN INTERNATIONAL FUTURES 
mMJni umHed-Ordtaorv — % 
m Mint Umitfd - Income— J 
m«W Gtd Ltd- Spec teue—S 

— i 

m MW GM Ltd -Dec 1994 % 

^4/bs5 rd 


1274 


raFBmeTflrrtWif^. — 
MlWnt Sp.Res Ltd (BNPj -_J 
Hr Guaranteed LM_s 


m Atahaf MM G Id Fund Ltd _S 
mABienn Diverufled Futures s 


m Athens Old Futures- * 

mAthena GW T 


Currondes— j* 

m mop Guaranteed ma LM— s 


d Alteno GM Rnroic lalsCopA 


Jots inc-S 


JUT? 

1574 

2544 

«; 
- 1*79 
UJD5 
12138 
9574 
944 
12266 
857 
979 

nun 

9.11 

949 

*76 


tf Dollar Asset*, Portfolio, 
tf Iberia PortWlo- 


tf Prime Role PprHoHo— _ — 
MERRILL LYNCH SHORT-TERM 
WORLD INCOME PORTFOLIO 

tf Clan A 1 

tf CtassB. 


148 

972 

1040 


MERRILL LYNCHMLT NAT*L INV PFL 
GLOBAL CURRENCY BONO SERIES 


941 

948 


AUSTRALIAN DOLLAR PORTFOLIO 
CA NA DI AN DOLLAR PORTF OLIO 
DELTT?CHE B MARK PORTFOUO 


1678 

1AM 


1371 

1125 


tf CatesPrvA 


-DM 


roSlS?? NG PORTFOLIO 


1)42 

1143 


tf Cmoporv A. 


d Category Bj. 


US DOLLAR PORTFOLIO 


Category A. 


tf Category B. 


YEN PORTFOUO 
tf Category A- 


12.94 

ma 


tf Category JL. 


MULTI CURRENCY BOND PTFL 
tf Puss A ■■ S 

d ao«B » 




US FEDERAL SECURITIES PTFL 

tf CtesA % 

tf Class B * 


2048 

2878 


973 

1846 


MERRILL LYNCH MLT NATL INV PFL 
BOUITY / CONVERTIBLE SERIES 
BASIC VALUE PORTFOLIO 

tf Class A— S 1>41 

dome 1173 


CONVERTIBLE SECURITIES PTFL 

d CtoffiA — — — J 

tf Qoss B. 


GLOBAL EQUITY PORTFOLIO 
1 


1241 

1276 


EURO EQUITY PORTFOLIO. 

tf Class A S 

rf Class fl ■ - - —3. 


875 

774 


LATIN AMERICA PORTFOLIO 

tf Class A 5 

tf QnsB S_ 


10J3 

1053 


WORLD NATURAL RESOURCES PTFL 


1040 

1875 


tf CJosa. 
tf Class B. 


DRAGON PORTFOLIO 
O CtossA. 
tf OaSSB. 


1294 

1ILM 


MULTIMAIMOERILV. 

to American GrowtaFd^- — S 

Curr. Bond Fd —Ecu 
irowtti Fo — 


9.91 

971 



WMARBEN 

toCBassf 


1879 

1148 

1149 
11.12 

726 

law 

1747 

970 


NOMURA INTI- (HONG KOMG1 LTD 

d Nomura JokmiD Fund 5 

NOR IT CURRENCY FUND 
m NCF USD 1 


3A23 


740 



roNCF BEF 


OBUFLEX LIMITED 
toMumojfTeKV. 


5576 

93641 

92244 

460479 

9528888 

2797948 


r Dot bw Medium Term. 
> Dollar Long Term— 


:as 


Yen. 


Mmsnrtlnpl 

wDeuncMMork 


.. BSfSSSrrendea——— Ecu 
to Swiss Frone SF 


to US Doltor Short Term, 

w HY Euro Curr Dhrtd Par. 
w Swiss Mulrtaurroncy 

s European Currency 

w Belgian Franc 


5F 

-Ecu 


28L77 

2147 

1844 

4212 

PS 

1499 
1577 
run 
1177 
1244 
1839 -- 
473 


'to Canvertfeto- 


w French Fnaic. 


-FF 


’W 


IV Swiss MuBMMvIdeftd 
w Caudwi Donor w 

to Dutan Pterin MU H I Fl 

ip Swiss Franc Dhrtd pgr SF 

» Storl Term Global Income -5 
iv Short Term GtebM Dhrtd— S 
OLYMPIA CAPITAL IMT L BVI _ 
c/o OCM, 11 Ay.Frtedland 75008 PARIS 
T«(: 33-1-48539031 Fax: 33-1-4250809 
to FMwry Group 


248 
12843 
975 • 
1273 
1241 
IMl * 
2JH7 
179S* 


tobjymptaSocurttoSF SF 

wWtndi.Fr 


wwmcil Hktg inn Mal awi -E ra 


18041 
\WSH 
24437 
11176 
171 
121048 
U8628 
U 19.45 
1644 
1748 


wWIndLHhiglnnScrO 
toWtaOLHidsuinSerF 

nr Winch. Hhta USS- -a 

w Winch. Rw.Mum.GvfXJ-5 
OPTIMA FUND UANAGCMENT 
6 Front St. HrmUnofLBcniiudalBtt 2SW8801 

w Onllmo Fund S JfM 

w Optima Funrat Fend 1 Jl-O 

wOptlma Niorl Fund _ -7 1119 

PARIBAS-GROUP _ __ 

to Luxor , ...I,... —7 


d PcrititorFwid. 


PERMAL GROUP 
b CommodUta* LM- 


b Drakkar Growth N.V._ 
8 EuroMJr (Ecu) Ud_ 
* tavMtaNM Htdoe MV- 

D Medta Lhl 

b NOSCOlLM. 


.era 


WCTFTI.'^lkn 


-GROUP 

or pfcarf VataNw (CHI SF 

toVoWond - Era (Luxl — Ecu 

toVotaond-SFR [Lux) — 5F 


to Votaotte • USD run). 


b Eur.Opportudfy (Uni — -Ecu 
Eurooem indexed Fd (Lire) Ecu 


EuroralU 
Global Vo* 


MU 


-Ecu 


Value (Lux) OuanL -Ecu 10VJ4 
Mortals (Luxl —S . 12242 

CaXiOMl S 34848 

. ._RSOKHELDmNG.S«IE«ON MV. Y.T 
Ratio S3. IDES*. Amsterdam abdUlMI 


mEmerataaf 

sssssh 


to Acta Pac-GfWin Fd N.V.. 

ir Aslan SetacNan Fd N.V Fl 

ivDP Amor. Growth Fd N.V.-9 

-w EM5 Otfztnre Fd N.V -Fl 

to En v iron rnent Growth Fuad Ft 
to Europe Growth Fimd NLV. JFI 
iv Japan DIvcrxHlcd Fund— 7 
iv Lcveraootf Cop Hold S 


to Tokyo Poe Hold. N.V.. 
PRISM/ 


_ A«ET MANAGEMENT 
1212) 332-1832 odvtsar M : 
tf Prtem FutemFd. — — j 
d Apex Fund Ltd- 


27X2 

6871 

3275 

18658 

4U7 

44.17 

3641 

45941 

18171 


tf Ratahow Futures LM S 

tf Harmonic Futures Ltd S 

tf Prten Swiereteflc EWxmc_S 
tf HenxFuhitwUd, 


tf Viceroy Futures LM— 
tf HarMroer Futures LM. 
d Regent Futures Lld — 
PUTNAM 


2574) 

12475 

11546 

9248 

12744 

18299 

29793 

38L87 

29879 


d Emerotao HlthSc TruM—S 
Pumam Em. mta.Sc. Trust! 


Envinta, 

tf Putnam GW) High 
tf Putnam High inc. GNMA 


Sc. Trust J 


tf Putnam I nn Fun d J5_ 

PYRFOR0. SW1TZ [838> 25 DM 


33.14 

2078 

1439 

74* 

1142 


PyrtardAustralten — AS 

toPvrtord inn SF 


QUANTU M GROUP OP 
^telnu Gratotn Fd 


P-5 

9400 


Min Puna hv.B 
iv Quasar Inn Fun d N.V, 
to Quota Fund 


ROTHSCHILD ASSET N 
d Tokvo PdcMIcHWbs tj 
5AFRA REPUBLIC HO ■■■ 
w Rea IGnsev) Doitar Inc FdS 


il-S 


128.14 
6 1459348 

I 12041 

5 1KU8 

(CD LTD 

13547 


to RepL (GnMy) Europe IK FdpM 
to ReaueUc GAM Fund. 


w Rooubllc GAM Growth S 

iv RepuMlc GAM Podflc— —3 
to Republic GAM Europe Fd-SF 


tf Republic GAM America FdS 


IV Rep GAM Em Mkta Gtabal J 
to Rep gam Em MMs Latin -4 
Republic Lotto Amer tan Fund _ 


1875 

1042 

11276 

18972 

9837 


w Al teemed Class. 


iv Brazil Ches. 


to Mexico Class- 


w Argentina Ckm 
toVengnteta^Ci 

5KANDI navis ka emskilda banker 


tf Eaiily inflAcc- 


o Eaulty mn mc- 


tf Enutrv Giobaf. 


tf Eauttv Far East } 

tf Eaul tv Nat. Resources * 

d Eaultv Japan . 


tf Eauttv Nordic, 
tf Eaultv U.K- 


d Equity Continental EurapeJ 
tf Eaultv Mediterranean — % 
a Equity Norm America— 4 
tf Eaultv Emerging Morhete_s 

d Band inn acc S 

d Band Inn Inc — — — » 

d High Income Acc— — S 


d Htah Income Inc. 

d Bond Sweden. 


d Bond DEM. 


tf Band Dollar. 


-Sen 

-DM 


d Ensklida inti Bond, 
tf Muttfcurrencv- 


tf Curr. Swedlsn Kronor —Set 
SOCIETE GENERAL E GROUP 
tf Asia Fund 4 


1447 

1233 

132 

240 

•43 

•not 

131 

1.17 

146 

D73 

1JI 

B.W 

11.14 

742 

1^ 

145 

1374 

148 

US 

11739 

148 

1041 


tf BTW Category A 
tf BTWCotegarvB 


SOGELUX FUND ISFI 
wSF Bonds A U4JL. 


35066 

1819 

1741 


w SF Bonds BGermanv DM 

to SF Bonds C France — FF 

to SF Bonds E GJL. 


ECU 


to SF Bonds F Japan 

to SF Bonds G Europe _ 

to 5F Bondi H World Wide 3 

to SF Bands J Belgium — BF 

to SFEaKNUrtn America — s 
W SF Eq. LW. Europe . — P .O 

to SF EA.M Podflc Basin Y 

toVF EtL N Franc*. FF 


wSF E&. P Growth CouMrl raj 

to SFEaO Gold Mtees s 

w SF Eq. R Wte Wde— — S, 
to SF Short Term SFron cr -JF 

" ,SF 11JJX i*^EA FUND 15 IF™ 

'B 5 S 8 as=fl 


1445 

2L66 

18540 

1041 

1978 

144* 

1579 

69240 

I4M 

m 1 

12SI 

7040 

1344 

1232 

1152 

M57173 

V4J3 


!Ss=! 


3CMESTIHC. 


HMSJD 

104048 

11579 

1IS99 

8701 

m 

18730 
187 JO 
13139 
13139 


to SAMI 


ai Alpha SAM me— ~S 

146 Bd dMO Petneae, L-23W Luxembourg 


12043 

9948 

mo 

9948 


w Neptune Morillme Fund. 

b SHB Bond Fwd- 

toSvenskq Sol Fd Amer Sli — 5 
w SvenstoSet Fd Germorv^J 
toSuonstaSeLM tartMSnJ 

:fsssas» a J 

to il«3u S*L Fd Gwad 
to Sugnrtd StL Fd Sylvia Sh_Eai 
SWISS BANK CORP. jlNOO PriOtel 

tf SBC 188 index Fund SF 

tf SBC EuRKSMCk Pill— -■ -Ecu 


4.10 

502 

1115 

941 

13.14 

584* 


)1J8 

5J8 

1145 

1T71.96 

98745 


tf SBC Bond Ptfl-AusirJ A/B^ 

d SBCBondPHKwiSA CJ 

tf SBC Bond PiteConS B a 

tf SBC Band Ptft-OM A/B DM 

tf SBC Bond PtU-Dutdi &. AraFI 

tf SBC Band PttFEcaA -Ecu 

tf SBC Bond PtfrEcu B Ecu 

tf SBC Bond Plfl-PF A FF 

tf SBC Bond Ptfl-PF B —FF 
0 SBC Bold PtMJertliU A/Bt 
tf SBC Bond PtfrUS* AJB^J 

tf SBC Bond PlfrYen a/B Y 

jt SBC Sfr Bond Fund A— — SF 


118740 

15948 

10536 

10944 

11S41 

I5LS5 

151738 

19175 

ioaxJ 

51547 

U1 B 

SUM 

HQ41 

18173540 

1061.11 


d SBC Sfr Band Fund B SF 

tf SBC DM Start-Term A DM 

tf SBC DM Start-Term B DM 

d sac MMF. cans a 

0 SBC MMF- Dutch G Fl 

tf SBCMMF-Ecu Ecu 

d SBC MMF - FF FF 

“ MMF - Lit Lit 


:MMF- Sfertlno- 


:mmf-sf_ . 

: MMF -US-Dollar- 


Growth— L^SF . 

. ,j| Ecu Growth Ecu 

Global USD Growth _S 

Global SF Yield A SF 

Global SF Yield B. — SF 
Global Era Yield A — Ecu 

Gtabal Ecu Yield B Ecu 

- USD Yield * 


i ti£ 

tf sac Global USD Yield B 
tf America Valor. — — — 
tf A innovator— 

d Convert |eK Selection SF 


SF 


tf D-Mark Band Setactl on DM 

d Doitar Bond Seted km _ — * 
tf Ecu Band Seteclhm — - — Era 

tf Ftorin Band Selection Fl 

tf FrmceValor. FF 

tf GarmontaVatar — : DM 


tf GoldPorttalta. 
tf ineriavuDr- 

tf I to [Valor 

tf JapanPorttolte. 


-SF 


-Pta 

-Lit 


tf Starting Bond Selection — t 
tf Sw. Foreign Band SelecttanAF 
tf swtegvimar— — i ... — -Sf 
tf unlverM Band Sctectton— SF 

tf Universal Fund SF 

if Yen Bond Sofecttan Y 

TEMPLETON W.W1SE INVESTMENTS 
GROWTH PORTFOUO 
tf Ctase Arl 

0 ClaSl 

tf Oas»A-3; a 


1174.92 
185072 
116248 
430J.W 
654041 
326752 
2188047 
445020640 
H25.IP 
537977 
687345 
57078840 
. , 991.10 
97836 
105042 
WK50 
K09.13 
WB71 
103089 
105349 
101872 
31879 
1B54S 
60545 
9*37 
109-36 
1*276 

100-58 
11536 
17S947 
45770 
29249 
*272*10 
2980B7JS3 
21235 
11153 
I80J> 
39940 
7935 
9*32 
11286 


a Class H 
tf OassB-2- 




INCOME PORTFOLIO 
tf OaxsA. 
a aassB. 


1873 

12*3 

1142 

HUH 

1115 


TERM1NVEST Tel 1887871B* 
mDual Futures Fd a D Unites 

rnGahwv Futures Fund LW— I 

THORNTON MANAGEMENT LTD 
aPocHinvtFdSA! 


1141 

1045 


111.14 

10241 


a Podt invi FdSADM DM 

tf PocHinvtwmt Fd SAC — t 
tf PocH Invi Wrnt Fd SA DM JJM 
tf Eastern crotaaer Fund. 


d Thornton Qrleni Inc Fd LMS 
tf Thornton PWl. Redev.Fd_4 


tf H»m1on Ttoer Fd Ud. 
NEW TIGER SEL-FU 


FUND 


M9 

2*77 

349 

i*fl2 

846 

3022 

1947 

25.W 

2148 

36.15 

364* 


THORNTON TAIWAN FUND 


842 

1076 

674 


if Eauttv income. 


a Eteiry Growth— . 

U EBE« E E BAN K ZtotaH 

d B - Fund. 

d E - Fund- — — , - — 
tf J - Fund- 


1012 

1130 

HUH 


-SF 


tf M-Dtstrtnutlon- 
tf M- Fund. 


-5F 


tf UBZ Euro-Income Fund — -SF_ 
UNIVERSAL GROUP OF FUNDS 


108*91 

57744 

28473 

9773 

113146 

iojre 


tf Universal C*l Ewilty CS 

tf Universal Podflc. CS 


tf Universal American _ 

tf Universal Gdn. R e source— CS 
tf unhrersol Gtobol — CS 


tf Unhrersol Emore Mori«tA_g 
a Unhrersol European —CS 


tf conadn Guar. Mortgage Fries 

Other Funds 

to Acropolis Fund Ltd 5 

r AdfcrotHonce State FF 

tf Aatflnaace Staav 5 

w act itutures LW- 


934 

1040 

977 

195 

679 

S79 

S.1I 

1644 


1QS245 

44747 


to Adtaesi Ion State. 


-FF 


wActhrest mn Stem 

mAdvmcad Strategies— — -> 
to Aouita international Fund-S 

toArttflfl Investment- S 

tf Asia Oceania Fund S 


mA5S [Serial) SA. 
mAssuctatetf invemars Inc . — S 

w Astro Fund LM. S 

b Atlantic Fund S 


r Australia Fund- 


vBEM international Ltd-— S 
meat Furores l«l Fd LM — f 

tf CB German index Fund DM 

wCMI Investment Fond S 

w Convert. Fd Inn A Certs — s 
to Convert. Fd Infl B Certs— J 
toCstiwi enterprise Fd N.V,_* 


tfiCrota Drill Can. 
t Crypton 


mn Ltd. 


w Cumber Infl K.V., 


tf D. Witter WM Wide Ivt TMJ 
to P-GjC i 


tf Oaten Japan Fund— Y 

d D8CC / 


Nafln Bond Fund-J 

tf Dreytus America Fund. — S 
w Eps Overseas Fund LM — S 

tf Eml Svra. fnd. PLaA SF 

tf Eml Bala. IML Plus B BF 

tf Eml Franca Ind. Plus A —FF 

tf Eml France IML Pius B FF 

d Emi Germ, ma Pius a dm 

tf 6ml Germ. /ltd. Plus B- — DM 

tf Eml Soaln ind. Phis A Pta 

d Eml State ind. Phis B Pin 

d Eml UK index Plus A 1 

d Eml UK index PtusB l 

m Enigma Currency Fd - — - s 
w Espir. Sta Inv.M Ecu Bd FdEcu 
to Esolr. s» Uw. Sltt Ear Fd-S 
tr Eurasud^ FF 

tf Europe 1992. 


tf Europe OMoattans. 
w FJ-T. Fund FF. 


toFALP.ParMeHa. 
iv FotrttoM inti Ud_ 


«FF 

-S 


iv Fairfield Sentry Ud. 


* Fairfield Strategies Ltd. 
m Fat um Fund- 


iv First Eagle Fuad. 

in Firs) Ecu Ltd 

m First Frontier Funds. 


mHra Inti investment uu_S 
w FL Trust 5wttarlond— SF 
d FfinattalkL 


w Fwmuin setaerton Fd — — SF 
tf Fran kt-T rust EHektan Fd-DM 
tf FranaFTniSt Interrtns— _DM 

tf Gemini Intt Muin —5 

m Genu ProonHetvt Fd Ltd— S 
m German SeL Assodoles— DM 
* Global Futures Mat Ltd— 4 


77645 

BKU3 

2647 

12086 

wro 

1*5945 

1099 

72092 

SUM 

1021.14 

7089 

1018 

736 

2274 

12847 

138748 

1749 

627* 

D8L2D 

18649 

103937 

3ZL60 

2511 

23747 

5912 

5155832 

2L19 

117948 

anust 

919840 

H2J2 

89*46 

9075 

n 75 
900748 

nan 

M 

10648 

24.13 

18445 

849 

108678 

)0S2 

8673 

129.12 

05837 

17435 

idtl 

78.15 

87341 

4413682 

6942 

6141 

331 

10342 

814* 

5974 

161.98 

4142 

1847.U 

121836 

174145 

104473 



d Investa DWS. 

niKondul 
vKnnmarl 
wKenmart 

m Key Global Ki 
m Key Hedge Fi 
tf KAAL-II i 



m Lynx l _ 
to At I Multi 

to Magnus Uteti L- 

aaaasajrK^ 

w Mat Growth ESCF. JM 

to Mat Growth USCF — - — J 
to Matterhorn Offshore Fd — j 
mMtewldiUmHM ». 


toMBE. 


«MCM*Sfumttad- 

tf Medtakxmm Setectl' 


to Mlttarmhim intaroattonal. 
mMJM intaroattonal uo — 
m Momentum GuHdud 


■r Moore Gtabal Irrvte. Ltd 

ir Multttutures — 

tf RCA Fund — 5 


FF 


tf Hew Millennium Fut. Lid— 4 
d Newtnnk Debentures — . — * 
to Nippon Fund- 


d NM Inc. 6 Growth Fund — 5 
mNMT Aslan SeL Partfalta — 1 
w NMT andei Bona sf 


mNMT Nortec Partial to — 

tf Nomuro-Cap wn Eq Fd- 


wNavwrape-KBL. 
mNSM invert. LM. s 


-Era 


SeraoSHJ 

m NSM invert. LM. Telrvx SH4F 
mNSPF.LT.LM. 


wOU/nmkKlnnt 


mOmeaa Overseas Partners J 

m Opaennelmer Ui. Arb. 5 

tf Optimal Effect Ful. Ltd — s 


mOPlImum Fund. 


iv Pan European Futures LtiL* 
m PAN internattonoi Ltd— 5 
w Pancurrl me. — S 


tf precisian Fund Ltd- 
d Pramlef Futures Lid- 
tf Profit art SA.. 


ir Pupvt-jVtelw Barchrvs Poc. -S 
rPuBorLDC Debt Fd _S 


w RM Futures Fund Heov- 

to 5a Iter's inti Enulty Era 

wSaliarts Inll Fixed—— Ecu 

tf Samurai Portfolio &F 

tf Sanyo Kie- Spain T 


tf Sara Krw* HoHIng N.V. S 

w Saturn Fund— — — s 


d SCI / Teat. SA LaxemaouroS 

m Scimitar Gunr Curr Fa $ 

raSdmltar Guaranteed Fd S 

mSemadw t 


mSLH Guar. F-F.l- 


wSP intarnattonalSA. 


Stratagta Futures Fd Ltd _4 
m Snwne Offshore Ltd — 8 


m Sussex NicGarr. 


iv Ttcteta Growth Fund SF 

tf TamMeMn Gtebal inc S 

fflThr GcteGtolxa Offshore _J 
m TMJ Fund aVJ. Ltd I 


» The joeuar Fund N.V. 
rf The Latte Ewittlra ' 
tf The Petrus Fund Lid 


»■ Thema M-M Futures— 
b TltC l OTC l Jap. Fd Stcav. 
b Tokyo IOTCI Fund Staav _ 
w Tram Global Invt LM - — 
rf Transpacific Fund Y 


iv Trinity Futures Fd Ud., s 
tf Tudor B-VJ. Futures Ltd — S 
tf Tunnxdse Fund. 


m Tweedy Browne lunjnw— s 


w Tweedy Browne av. . 
iv Tntoerfr Bnm»jen.v. O 
tf UTOBoKFund 
j unl Caoiral - 


-Era 


toUnl-Globrt State OEM DM 

to llnl -Global State Era— Ecu 

toUnWIobM SteavFHF FF 

wUnl-Gtobat State F5 SF 

to Unl -Global State USD- 5 

tf unl ca Eauttv Fund DM 


tf untao Inv. Flirt m* 

m Uni trades CHF_ 


mUnttradesCHF Rea 
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INTERNATIONAL HERALD TRIBUNE 


Me 



TIONAL 


tribune 


'Salurday-Swdqy, 
July 11 - 12, 1092 
Page 14 





first coiUMH == i Just How Low Can U.S. Bates Go? 


Investing 
Offshore Is 


By Martin Baker 




F OR a market where one of the key 
indicators recently hit an extreme 
unparalleled for almost a third of a 
century, U.S. bonds have had a 
fairly quiet week. True, bond prices surged 
initially last week when the U.S. Federal 
Reserve slashed the discount rate, the cost of 
loans made to member banks, by half a point 
to 3 percent But the buying pattern was 
uneven — most interest was focused on 
shorter term bonds — and tilings have been 
fairly steady since. 

Now, with the discount rate at its lowest 
level since 1963, investors must ask them- 
selves whether interest rates can go any low- 
er. and weigh other important factors in the 
balance in assessing U.S bonds at what some 
analyst ate calling a critical period for the 
market. 

Apart from short-term interest rates, the 
other major influences on the market in- 
clude: Inflation, the overall economic health 
of the United Skates and that catchall inde- 
finable, market sentiment. Analysts use 
these factors to build their own views of the 
future for bond investors. A critique of con- 


Out of Sight 


G IVEN that the shortest questions 
are the most difficult to answer 
(Is tins art? What is a fact? etc.) 
you might expect the response to 
the apparently simple question of what an 
offshore location is to be long and complex. 


You would not be disappointed. 


The reasons why investors are attracted to 
offshore locations are weO-known. They 
usually want low or zero tax and a regulatory 
regime that may be described as sympathetic 
while falling short of nonexistent. But what 
does the magical word “offshore,” with all its 
palm tree connotations, mean in an invest- 
ment context? It’s probably easier to start 
with the negatives. 




The Long View 
on Bonds 


U.S. Funds Seek to Chase 
Investors Over the Hill 




•' I. ■! y- 


&*■*& i'J 








ireasury ? 
long bonds % 
V*L benchmark yield:; 

10 AgaaKi 





By Jodidi Rehak 




T HE U.S. mutual fund industry is 
g pning up to tap a marke t of inves- 
tors long overlooked despite tb dr 
growing numbers and wealth — the 
post-65 generation. 

For some time now, fond companies have 


as life expectancy. What’s more, t ax 
peaalitiramr dcang it ««»* 

SSns Jeremy Duffidd, » 


warns Jeremy / — , 

of planning and development at Vanguard. 
“It can be as much as 50 percent, ft s confis- 






2: 

Ul 


bom exhaling their investors to plan ahead 
for retirement Kit when Steve Norwitz, a 


y* • 


Getting fat drunk and tan on some island 


beach may be fun. but it certainly isn’t rele- 
vant to the investment business. Although 


temporary analytical thought reveals three 
main scenarios for tire U.S. economy. Each 
has direct and important consequences for 
bond investors. 

The first, and largely unpopular, view is 
ultra-pessimistic. Some analysts argue that 
we are on the brink of a deflationary depres- 
sion, complete with the idiocy of negative 
interest rates (here, take my money. F12 pay 
you to keep it). In that case, the income 
stream which bonds provide would be ex- 
tremely valuable, and the purchase price of 
bonds would soar. 

Readers will be aware that when the price 
of bonds rises, the yield, which is no more 
than the income expressed as a function of 
that price, drops. This phenomenon explains 
why the yield dropped on most bonds last 
week: The cost of money was lowered, so the 
price of purchasing a steady income stream 
rose. 

Although very few followers of bond mar- 
kets in the major international investment 
houses accept a very pessimistic scenario for 
the U.S. economy, some argue that this kind 
of thinking underpinned last week’s buying 
spree: “The market got very' nervous about 
the poor employment figures, and the dis- 
count rate was lowered partly as a gesture of 
political mil,” said Richard Gray, director of 
bond research at UBS Phillips & Drew in 
London. '“But it was based on a false pre- 
mise. The figures were distorted by people 
leaving school” 

Mr. Gray accepts that there is some logic 
to the pessimistic scenario which would wipe 
billions of dollars off share prices, and leave 






vice president with the T. Rowe Wee fund 
group, wrote a guide on the subject a few 
years ago, he got some unexpected feedback 
from the already-retired. 

“The refrain I heard over and over again , 
was, ‘Nobody tefls you what to do race 
you’re there,’ ” he recalls. 

The calls for such advice will be escalati n g 
in coming decades. The 65-and-over 'group in 


offshore investment has traditionally been 
rhnng ht of as being connected with sun and 
islands, that is no longer the case: Two of the 
most rapidly expanding offshore centers in 
Europe are Dublin and Luxembourg, neither 
of which is famed for its beach culture. 


OR is secrecythe key to offshore 
investment The fact that inves- 
tors may receive tax-free income 
does not alter their obligation to 
declare that income to the relevant tax au- 
thority. Investments in Dublin and Luxem- 


bourg, for example, should be declared by 
French taxpayers. Offshore centers may of- 
fer discretion in their handling of invest- 
ments, but that must not be — as it undoubt- 
edly often is — abused by tax avoiders. 


The most charitable construction is that 
the word offshore in an investment context 
means a state of mind. It is for investors who 
want flexibility — an important factor if 
they move around a lot — and value for. 
money from the enhanced cash flow erf low- 
tax or tax-free investment 


* A less charitable view would be to agree 
that “offshore" is a state of mind all right. 
but to argue that as far as domestic tax 
authorities are concerned, that state of mind 
is usually amnesia. 


brads as one of the few worthwhile paper 
securities. But he regards (his view of the 
world as a “very long caH” 

If the pessimistic scenario is unpopular, 
the obverse side of the coin is even Iras loved. 
Not eves the most determined optimists are 
calling for a spurt in US. economic growth, 
despite the government’s continued demon- 
stration of its determination to stimulate 
growth by making money cheaper. Perverse- 
ly, lowering interest rales too much can have 
an adverse effect on bonds. The rationale is 
that the fast economic growth cheap money 
is supposed to stimulate almost invariably 
creates inflation — and inflat ion hurts in- 
vestments which offer a fixed income stream. 




\\H 


VoM* 1 * ** 


I.***"’ 






TU» eS 



3* 




A naW^ 


bAedia 


Either 






The central source 


on fund investment. 


m/0 The first and only magazine to be created 
specifically for the professional fund market- 
place. 


** M provides the information necessary 
for fully-informed fund investment decisions. 

00 IFI offers the fund industry a forum for 
debating the key issues. 

Topics to be covered will include: 

— * Fund performance measurement 
— Financial regulation 
— Changes in investment patterns 
— Developments in fund administration 
— Viewpoints from industry leaders 
— Interviews with leading personalities 


Tieralb^S^rihutic 


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Tun Fratick. chief fixed income economist 
at Morgan Stanley in New York, opts for a 
version of a middle-of-the-road scenario 
which is by far the most favored among 
international analysts: “1 see a slow growth, 
low inflation economy for the short term, at 
least until the ejection. After that, people will 
lode at the prospects for inflation in the 
U.S„ and the outlook there is good.” 

Mr. Fralick regards brads as a good long- 
er term investment, but considers the market 
overbought after last week’s spree. He ex- 
pects next month’s employment figures to be 
considerably improved, and thinks a good 
time to buy might be after bond prices re- 
treat on good employment news. Mr. Fralkk 


expects to see the yield on 30-year bonds rise 
by the third quarter of the year. 

Maik Chffe, senior economist at Nomnra 
Reasearch Institute, Europe, agrees 
“bond prices are probably due for a setback. 
We’ve seen a dramatic reation to the dis- 
count rate cut across the yield curve: It’s 
been especially dramatic on two year Trea- 
sury notes.” 

On the positive side, Mr. Cliffe does not 
rule out a further cut in interest rates. He 
does not subscribe to the “triple dip” theory 
that pessimists use to argue fix- a continued 
downturn in economic activity. He argues 
that the most probable reason for any fur- 
ther easing of interest rates wifi be political 
rather than economic: “The Fed might just 
get bounced into another round of easing. 
With pre-election politics, yon can’t rule out 
another cut Overall, I don’t see interest rates 
really picking up until after the election.” 

Richard Gray at UBS Phillips & Drew is 
among the more pessimistic of the middle- 
view school He believes that the market is 
U.S. bonds has only factored in an election 
resell which sees President Bush returned to 
office. “They could be in for a nasty shock.” 
he says. 

Political Risk Services, a Syracuse-based 
consultancy which assesses political risk 
worldwide, says in its latest edition of its 
Country Forecasts publication that Presi- 
dent Bush has a less than even rhimnft of 
being re-elected. Just how important a factor 
the presidency is in market sentiment is sac 
of the unquantifiable elehzmts of brad trad- 
ing. 


* People focus too much on 
the risk of losing money , ; 
not losing purchasing pow- 
er, which is worse v 


Steve Norwitz of T. Rowe Price. 


the United States, now about 12 percent of 
the population, will Ekriy double by the year 
2030, according to the country’s 1990 census. 
A group that is now a little more than 30 
mfltira strong should grow to around 65 

mfTHrvn , 

What’s more, senior citizens are no longer 
•necessarily relegated to their rocking chans. 
Increasingly, they are active individuals who 
have gtymnutpfM die wherewithal! for a 
comfortable retirement — IRAs, social secu- 
rity and company pension plans — but not 
necessarily the know-how to get the most out 
of it. 

Mr. Norwhz’s experience led him to refo- 
cus his thinking when he wrote a second 
“how-to” last year, (Greeted strictly to retir- 
ees. “It’s not about how much to save, but 
how much to spend,” be notes. Among the 
issues the guide covers are the impact on 
income of health care costs, taxes on ««« ! 
Security and wo rking after r et in wne m 

The guide, with a workbook to figure out 
how much retirees can spend each year, hit its 
mark. Some 220,000 requests have come in 
for it since it was published last January, 
yielding a raft of new investors fra T. Rowe 
Price. 

Meanwhile, other fun d groups aren’t tit- 
‘ UflgtHnhtif "BaudsT WHh"3jgbtiy r more IBahT 
25 percent of its shareholders over 65, Van- 
guarci, the no-load fund giant, will be laimch - 
wg a series of post-retirement literature this 


If readers do go along with the consensus 
view that brads are good bet over the long 
term, they must consider their investment 
medium. 

Professionally managed bond funds offer 
a good exposure to the market and are an 
excellent way of balancing risk. 


One of the most crucial issues its new 
Retirement Services Group is working on is a 
system to help retirees calculate theproper 
withdrawals from their tax-deferred IRA ac- 
counts. By law, IRA holders must start with- 
drawing money by the age of 70%, bwfignr- 


Ca vSgoard also is targeting another inmor- 1 
last area — advice to rotting over a chunk or 
money from a previous pension plan into an 
IRA. “They face a critical derision as to how 
to invest it," notes Mr. DuffiekL 
Both Mr. Duffidd and Mr. Norwitz plan to 
pay more attention to another neglected area 
of the over-65 market; Continual investing , 
for people who may well live 20-25 years aft» 
they retire. They note that retirees tod to _ 
become too conservative, sticking with brans : ; 
and lower-yielding money market funds, 
when they could do better with a larger per- ; 
centage of their assets in the stock market, s 
particularly to beat inflation. 

“People focus too much on the ri sk of 
losing money, not losing purchasng power, ■ 
which is worse,” comments Mr. Norwitz. 

This has led T. Rowe Price to include in its i 
retirees* guide examples showing that to . i 
maintain the purchasing power of $20,000 a 1 

year for 20 years withinflfttiOT at the rate of 6 
percent a year, an individual would have to 
invest about $337,000 earning about 8 per- 
cent annually. 

. But investment strategies are not the only 
way (hat fund groups are catering to senior 
r fr i yng Specialized service has proved to be 
an important attraction in the seven mutual 
funds that the Scudder group runs in partner- 
ship with the American Association of Re- 
tired People. ■ | 

L AST YEAR, several thousand re- 
quests came in for its large-print . 
prospectus, and each month, some 
200 requests came in to use its is- '< 
formation services for the deaf and hearing or 
speech impaired. Scudder staffers who ban- { 
(fle toll-free numbers fra the AARP funds are 
trained to be especially sensitive to the needs 1 
and concerns of older shareholders. - . I 

In mother venture to cater to the needs of 
the Spanish-speaking members of AARP, 
prospectuses and a toll-free telephone num- 
ber are now available fra Spanish speakers. 
This attention to service, plus a conservative 
but steady investment perform an ce, has paid 
off for Scudder to the tune of $8 billio n is 
assets, more than 10 percent of the fund 
group's total, and 675,000 in shareholder ao- 
counts— - * -- ' ■■ \ 

Although U.Sc funds are awakening to the 
potential of the retired generation at home., 
today, demographic 'trends suggesi fhat in- 
vestors -incomer countries- wtf npt bave-to . 
wait long for similar attention. Tbe-agmgof 
society is common phenomenon across thfr 
industrialized world, in some cases at a fester 
rate than in the -United States. While the 
number of over 65 Americans is expected to 
grow by 40 percrat from 1990. to 2015, the 
number in Japan is expected to double while 
the number in France is expected to grow by 
35 peroral 


Derivative Funds 
Magnify Big Moves 
On Asian Markets 


Best Performing Mutual Funds *3 





’ 




M UTUAL fund inves- 
tors have mostly 
done best out of the 
byways and the 
backwaters of the world’s stock 
and brad market^ accenting to 
1 this mouth's roundup erf perfor- 
i mances provided by the interna- 
tional fund monitor, MicropaL 
Micxopal’s collation of dollar- 
converted performances from 
funds across nine countries, plus 
offshore territories, shows strong 1 
growth from vehicles invested hr 


V. '* ** - life 

!’• /* * *• * 


CjT Latin America have all pro- 
duced healthy returns. The Argen- 
tinian fond’s dollar return is partic- 
ularly impressive in light of the 
high domestic inflation rate in Ar- 
gentina, which naturally under- 
mines the value of Buenos Aires 
stocks fra foreign investors. 

Over the longer term, the best 


performers are more evenly spread, 

both geographically and mdusmal- 


\ Funds leveraging on 
Hong Kong’s gains , 
and Tokyo’s losses, 
were the big winners. 


both geographically and industrial- 
ly. Toe outstanding Japanese fund, 
Morgan Greafett Japan Smaller 

Companies, is the only Tokyo-in- 
vested fund in the top 20, But the 
disastrous returns from Jraan over 
the last two years have taken thtii 
loll in the shorter term. Fourth ova 
five years, the fund falls to 5,362d 
place over the past year, recording 
a loss of $21.70 for every $100 in- 
vested, after charges. 

While the resurgence of Hong 


the Pacific basin countries. Of the 
top 20 performers over one month, 
seven are invested in Indonesia or 
the Philippines. 

The two best performers over the 
month are both invested in major 
markets through derivative instru- 
ments. CIBCs Hong Kong fund 
uses warrants to accentuate the 
positive moves on the Hong Kong 
exchange. Hong Kong has had an 
excellent year so far, recording 
gains of around 40 percent since 
Jan. 1. 


and Asian funds, the strength __ 
the UJ5. health-care sector also 
makes itself felt with good returns 
from Financial Strategy’s Health 
fund, and Alliance Health Care. 
Fidelity has recorded a good return 
with a fund in a sector related to 
■health care. Its biotechnology fund 


Just behind the Hong Kong fund 
is Govett MIS Japan Bear, which 


uses derivative instruments to ex- 
kat falls in the Tokyo exchange. 


although it is down more than 5 
percent over the past month. 

The figures shown are dollar per- 
formances. They represent the net 
value of investment, after account- 
ing for the spread between buying 
and selling prices of units. All in- 
come, net of any applicable tax, is 
assumed to be reinvested in the 
funds. The nine countries covered 



;v =v T< •' 


v-i i-V.rV’ 


\.7s ^:V4 j 

V= 




I J V.tT T, ^ — 




fund have seen the dollar value of 
their holdings rise more than 17 
percent in the month to July 1. 

■ Over one year, die performance 


France, Germany, Britain, Switzer- 
land, Luxembourg, Denmark and 
Spain. Funds registered in offshore 
locations are also iaduded. 


of the Houg Kong market accounts 
for 13 of the top 20. The C1BC fund 


for 13 of the top 20. The C1BC fond 
is again the brat performer. Funds 
that follow market trends using de- 
rivatives typically show massive 
gains when the underlying market 
performs well. 


Readers are reminded that past 


performance is no guarantee of the 
future value of investments. 


The attractions of Latin America 
.over the past year are also reflected 
. in the table. The Argentian Invest- 
| meat Company. Baring Puma, and 


Investors requiring contact num- 
bers for the companies shown 
should write Muaopal, Interna- 
tional Data Department, Com- 
monwealth House, 2 ChaMuoI! 
Road, London W6 8DW; or call 
London (44 81) 741 4100. 

—MARTIN BAKER 



im 









THE MONEY REPORT 


Weak Growth Pm the Accent on Bonds I German/ 8 Bourses Cater to Big Players 


ihl 
ton 

Mr 

newton Hid. 
ned for Satan* 
Yagosiav re- 
not ban detrlr 

ho n® j ptoas- 
ssmCSooaai 
d jvG&al aSSat 
■alii toic ran d- 


Selected experts in economics and invest- 
ment give their opinions, month bp month, of 
fo outlook for the world's major economies, 
hrreneies and financial markets. 



There is a rising 
possibility of a major 
adjustment in U.S. 
siod KS. 

Bn^koOkonmn, chief 
economist, Nomura Research 
Institute, Tokyo 


- The tempo of U.S. economic recovery is 
stow and toe increase in credit is sluggish in 
. the TXS- finandal market, where the "capital 
aundir phenomenon has taken hold. Behind 
dus crundi lies the fad that the U-S. econo- 
my has fallen into a situation of “debt over- 
hang." In the federal government, the lewd of 
net financial debt as percentage of gross na- 
' tvyto? product reached 47 per ce nt at the e nd 
of .1991, double its level at the end of 1980. 
ShnOar^, the corresponding debt level for 
noofinanrial corporate business at the end of 
199 1 , 20 percent, was also double that for the 
end of 1980. 

. . This debt, coupled with the low household, 
savings rate in the country, suggests excess 
lending. The circle of lenders consists of U.S. 
financial institutions and foreign parties in- 
vesting in U.S. financial assets. At present, 
£be former have become very cautious about 
additional tending, and the latter regard dot* 

finanraal awB w if* 

attractivmess at the prevailing exchange and 
interest rates. This change of heart has come 
to the fore particularly among Japanese insti- 
tutions and investors. 

The increase in external debt that occurred 
from 1983 to 1987 has made it more difficult 
lo adopt policies aimed at boosting economic 
giowtte As a result, growth in 1992-1993 will 
probably fall below the potential rate of 2 to 
15 percent, meaning that corporate earnings 
will probably be held to a moderate increase. 

The fiscal deficit win remain high over 

the medium term. The main part of this 
defiat derives from expendftures related to 
health care. These expenditures must be 
joined by others to counter the “social dis- 
ease” symbolized by the tremendous num- 
bers of murders. . In view of these ctrenm- 
stances.nt.is dear that the United States is 


Outlook 


now confronting a need for massive spending 

w its own “internal national security” and 
that the deficit win not easily be pared. 

Now that the outstanding federal debt has 
reac hed such huge proportions, a sharp de- 
cline in long-term interest rates is all but 
ruled out aim the current level of New York 
stock prices is not sustainable. The Dow 
Jones industrial average is now about three 
times as high as it was in 1985, when the 
aurear upswing began. 



Continental Europe, 
especially France and 
Switzerland, offers the 
best relative value. 

Nigel Coming, senior investment 
manager. An* Grindlsya Bank 
(Jersey) 

Therecenicutin iheU5. discount rate was 
taken as a sign of economic weakness and 
UJ5. equities fell, with cyclical stocks being 
hit the worst. Our view is that the economy 
wfll make a recovery that is below the histori- 
cal trend. At the same time inflation will be 
less of a threat. This supports the price/earn- 
ings ratios of U.S. stocks but does little for 
corporate earnings themselves. The improve- 
ment expected for 1993 is largely discounted. 
The market, therefore, has limited potential. 

In Britain, election euphoria has turned 
into pessimism about corporate earnings and 
dividends. Utilities have held up well while 
cyclical stocks have lost ground. We recom- 
mend buildin g up holdings of consumer and 
industrial stocks with U5L earnings as they 
are cheap relative to their U.S. counterparts. 

Continental Europe, especially France and 
Switzerland, offers the best relative value in 
our view. Here, investors can look forward to 
lower interest rates in 1993, if not this year, 
and (here are ample savings to fed a recovery 
in Tnartrflfts. Financials should be ai pp i g the 
best performers. 

It still looks too early to buy in Japan 
because corporate earning for the year to 
March 1993 may surprise on the down ride. 


For the following year an improvement is 
expected because Japanese companies are 
beginning to gft to grips with cost cutting. 
We remain positive about the other Far East- 
ern markets. 



Interest-rate declines in 
Japan are likely to 
outstrip those in the 
United States, 

Gerald Holiham, chief 
international economist, Lehman 
Brothers, London 

Since 1 last wrote, the Japanese economy 
has weakened as predicted and the prospects 
for yet lower Japanese interest rates look very 
good. Unfortunately, the U.S. economy has 
underperformed expectations, with the re- 
covery losing impetus in the second quarter, 
leading to further falls in U.S. interest rates. 

The yen has strengthened, therefore, not 
weakened against the dollar. However, the 
U.S. economy is much further through the 
cycle than the Japanese and a triple-dip reces- 
sion in the United States remains unlikely. So 
from now on interest-rale declines in Japan 
are likely to outstrip those in the United 
States. There is still time /or the dollar to rise 
against the yen over the next six months. 

Id Germany, meanwhile, with inflation re- 
maining above 4 percent, there is litde pros- 
pect of lower interest rates this year. So 
selling Euro-DM futures and buying Euroyen 
still looks like a good idea. 

With world growth generally miserable, 
equity markets are losing their luster. Yet the 
German interest-rate impasse means bond 
markets in Europe have nowhere much to go. 
The best bond bet looks like Canada, where 
the recovery has stalled and where inflation is 
falling to new lows and the yield spread over 
U5. bonds is set to tighten further. 

In Italy, money rates are around 14 percent 
owing to fears of a lira devaluation. But the 
chanq s of such a devaluation are very low. 
Italian Mis, deposits or short-dated bonds 
are; therefore, a profitable place to park cash. 
Fra the sophisticated, a bolding of Canadian 
bonds hedged into lira promises Italian yields 
together with possible Canadian capital gains 
and is tikely to be the most paying investment 
in the craning quarter. 


By Conrad de AenBe 

F ORGET political unity in Europe. 
There are skeptics who argue that 
even the snghe European market in 
goods and services, which will be in 
place from the stan of next year, is no more 
than a legal technicality. Increased competi- 
tion, they say, is no more than a bureaucratic 
fiction, while the real marketplace is fragr 
men ted and fraught with protectionism. 

That argument, however, begins to fall 
down when you lode at the Scree, genuinely 
international competition for business 


— London. Paris and Frankfurt 

“The competition is intense,” said Profes- 
sor Dick Brealey of the London Business 
School, which this week published its report 
on London’s competitive position in world 
stock, futures and bond markets. “The only 
way exchanges will be able to run in the 
future is as profit-making operations — like 
real businesses." 

But will real business provide better value 
for small investors 'in shares and funds? The 
answers being thrown up by the German 
experience, where modernization of trading 
techniques is seen by officials as (he key to 
greater global prominence, are less than en- 
couraging. 

The key to the German program is the 
Integrated Slock Exchange Trading and In- 
formation System, or Ibis, a “more liquid, 
less costly” computerized trading system 
that went into operation more than a year 
ago. StiD a pilot project. Ibis is used by 140 
member firms to trade 30 blue-chip issues 
that account for four-fifths of German share 
trading. 

“Ibis has already changed the German 
market in quite a few’ areas.” said Rtidiger 
von Rosen, manag in g director of the Frank- 
furt Stock Exchange. “First, it covers 25 
percent of turnover in individual stocks; 
second, it’s a marvelous training opportunity 
in how to use an electronic trading system; 
third, the system is accepted throughout the 
country.” The system, be added, provides 
“participation in a liquid market that no 
longer has one location. In this respect we 
are extremely satisfied with the success of 
Ibis." 

The hope is that by diffusing trading from 
floor-based market makers to a greater num- 
ber of screen-linked traders, pricing will be- 
come fairer and large orders can be more 
easily accommodaiciL meaning large traders 
will be drawn to Germany. 

“Ibis is specially geared to domestic and 
foreign institutional investors that want to 
trade in the major German securities 
throughout the day on a transparent mar- 
ket,' 1 said Mr. Von Rosen. 

James Cornish, who follows the German 
market for County NatWest Wood Macken- 
zie in London, agreed that handling large 
orders is key. 

• “They’ve got to be more willing to give 
firm quotations fra large blocks of stock” to 
entice foreigners to invest in Germany, be ’ 
said. A screen-based system wfll help, but “it 
depends on how much they put on the 
screen.” 

As thing s stand now. many bigger traders 


Turnover in Frankfurt 


Volume of shares traded on the Frankfurt 
exchange, in DM (billions). 

140 1 » 



*87 *88 'I 

: Source: Datastroam 


take a roundabout route into the German 
market. 

“A lot of big institutional investors tike 
dealing in London because SEAQ can han- 
dle large orders,” Mr. Cornish said, referring 
to London’s computerized fra trading inter- 
national 


iNoroert Braems, manager of the Frank- 
furt brand) of Barclays de Zoete Wedd, said 
an ev olution of the trading floor is crucial. 

“The question is will trading stay on the 
floor or move” to a computerized system?" 
Mr. Braems said. “We led it is absolutely 
necessary to be involved in the Ibis system.* 

But what about the smaller investor? Pro- 
fessor Brealey is pessimistic: “In general, the 
process of modernization of exchanges 
around Europe and the increased competi- 
tion is bad news for the small investor. Retail 
investors have been a loss-making proposi- 
tion for exchanges and have effectively been 
cross-subsidized. Competition means costs 
wiB probably go up for small investors, de- 
spite the advent of advanced technology." 

Ibis means both the availability of larger 
blocks of stock, with attendant economies of 
scale, and increased competitor] within Ger- 
many. The system is seen by some as a way 

of breaking Frankfurt’s lon gstanding grip on 
trading, which has tightened over the last 
decade. Exchange statistics show that 
Frankfurt accounted for 43.4 percent of Ger- 
man share trading in 1980, the rest being 
bandied by seven regional bourses. Tbe fig- 
ure last year was 66 percent 

Although Ibis is being counted on to opes 
tbe market wider, share trading in Germany 
is still very much an insular, dubby affair 
dominated by banks, which act as intermedi- 
aries for the vast majority of individual in- 
vestors and also hold large stakes themselves 
in many corporations. 

Indeed, the German association of stock 
exchange brokers was so concerned about 
the banks’ big role that it said it would not 
support electronic trading without the bro- 
kers’ participation in determining prices. A 
report by the legal firm Clifford Chance set 
out the brokers’ argument: “As a conse- 
quence of tbe domination erf the big German 
banks, it mil not be possible to guarantee 
neutrality of stock prices without indepen- 
dent stock exchange brokers.” 


Some foreign fund managers, too. are not 
happy with the banks' prominence and say it 
has kept them out of the German market, 
although Gu$ San ter, a fund manager at 
Vanguard Group, disagreed. “We really 
don't have too much trouble buying our 
securities.” he said. “You can only rig a game 
for a short time. Eventually the market will 
take over. I don’t think anybody should stay 
out of Germany fra that reason." 

Some critics blame Frankfurt’s problem 
with insider trading on the banks ’ predomi- 
nant role. “The people being prosecuted are 
employees of tbe banks," Mr. Cornish said. 
"It’s not just insider dealing, there’s front 
running.” 

A key to healthy development of the Ger- 
man stock market, he said, is “getting a 
proper law on insider dealing and cleaning 
the place up — putting a law in place ana 
having attorneys to prosecute.” 

Prosecutions presently are carried out un- 
der tax evasion laws, not laws explicitly 
covering trading practices. Such laws “have 
been promised but are not in effect,” Mr. 
Cornish said, although a push is on to intro- 
duce them, and he added. “I think they’re 
doing a lot of the right things.” 


T HE Bundesbank in Match voiced 
its approval of a package of gov- 
ernment proposals, including in- 
rider trading laws and a central 
exchange authority like Deutsche Boise, 
aimed at boosting Germany’s stature as a 
financial center. 

“It’s changed a little bit.” Mr. Braems said 
of the banking industry’s prominence. 
“Some banks have given up big stakes in 
some companies” and have become more 
open in their activities. 

Almost all individual investing is done 
through banks, which dispense advice 
through thej r branch networks. Stockbroker- 
ages have almost no presence. When clients 
go to the bank, though, the advice they 
almost always get is to stay away from equi- 
ties and buy bonds or bond funds, or else put 
the money into a savings account. 

According to an analysis by DB Invest- 
ment Management, the fund management 
arm of Deutsche Bank, affiliates of five large 
banks controlled about 87 percent of the 
assets in German investment funds at the 
end of May. Of the 157.6 billion DM held in 
German funds, just 19.5 billicm DM was in 
equities. 

“Private households only have 5 percent 
of their capital in shares,” Mr. Braems said. 
“They’re not educated enough to follow tbe 
market, compared with the U.S. and U.K.” 
Investors are led willingly into bonds for 
historical and economic reasons. 

“In tbe last 50 years, you had a generation 
that lived through two wars and were very 
conservative in their investment,” said Su- 
sarnie Heinrich, a marketing official at DB. 
With German inflation historically very low, 
returns on bonds neatly always beat in- 
creases in consumer prices. “I think the be- 
havior of the German people will change;” 
she continued. “They may be a bit more 
speculative.” 


n anwoudlta- 
vk has bea Maned 
those vezpom to 

intvedtnbdshh 
spraadnBy agv 

kilied m a sna 

ksflizn Capri’s* 

i^d in dKffiogflf ite 
coring to Swjw 


jr* hit the 
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V : Fund Places Its Bets 
' On Lives of Others 

i Kleinwon Benson Investment 
1 Trust Management, the ctosed-end 
\ fund atm of the British firm, is 
t chaining a fust with its Endow- 
ment Policy Investment Tnm. 

- . The fund, says the firm, invests 
[ in anasset class hitherto ignored by 
fund managers — Bfe pofiries in 
■ /jpid-tem.Tiwkleaofbuv^alife 
' policy on someone disc’s life is not 
. new: Many people auction their 
.Me polices, often because they are 
unable to meet the premiums. The 
’ pricing of policies depends on the 
'age and sex of the person insured, 
> the quality of the insurer’s invest- 
■ meat management, tbe .length of 
• time to the policies’ maturity dates, 
etc. - 




What’s new about all this is en- 
trusting a fund manager with the 
job of doing the buying, and then 
offering the policies in fund form. 

Kteinwort Benson is projecting a 
capital return of 12.7 percent a year 
over the 1 1 year life of the fund 

Minimum investment is £1,000 
(51,900). Returns on assets will be 
paid bade into the fund as capital 
growth. Total charges run at 
around 1.5 percent a year. There 
trill be no dealing costs during the 
offer period, which ends July 21. 

For more information, cal] 
Klein wort Benson Investment 
Trust Management on Loudon (44 
71)956 6600. 

Malaise Persists 
In French Property 

France’s troubled property mar- 
ket shows little sign of picking up, 


according to the Association Fran- 
gaise des Banqnes. The group this 
week warned that its members wiD 
have to make extra provisions fra 
bad debts secured on property. 

The Paris market has been slug- 
gish for the past two years. The 
association argued that there were 
signs of a weak recovery in residen- 
tial sector, while commercial prop- 
erty remained dnJL 

Pension Managers 
Blaze a Lathi Trail 

Latin America has been a hot 
spot for stock and fund investors 
over the past few years, albeit with 
somewhat mixed returns. 

Tbe latest beneficiary of western 
fixed management techniques is 


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Gsfle, which has attracted a host of 
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pertise. Bankers Trust is already 
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has recently announced its inten- 
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Private pension provision is ex- 
pected to spread to countries with 
better-developed stock markets, 
such as Argentina and Mexico. 

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REACHING THE EUROPEAN LEADERSHIP 

Board Members 
of Intemational Companies* 

F inancial Tiroes 1 ! 

Wall Street Joumal/Europe 24 1 — 

USA Today 3D 


Tlie Economist 37 
Time 36 
Newswedi26 
Business Week 19 


Fortune 18 


National Geographic 30 
Scientific American 12 
Internati onal Mana g ement 9 


The IHT is read by more 
Continmtal European board 
menbers listed in tbe International 
Who’s Who than any other 
international publication. 

* Source Who s Who in Europe Survey: 1990 



IOTEHMTHJNAL 


PrifrM « aliTteV* UV T«r- ewA tW IWl 









INTERNATIONAL HERALD TRIBUNE 



Page 16 




An All-Star Crunch 
Hits 3 Who Shine 

Roster-Filling by the Numbers Leaves 
fielder, Fleming and Winfield Out 


The Assoctatcd Press 

. NEW YORK — Cecil Fielder, 
Dave Winfield and Dave Fleming 
—boasting some or baseball's big- 
gest numbers — became victims of 
a; numbers crunch and were by- 
passed for the All-Star game. 

' When the American and National 
leagues named their pitchers and 
reserves for Tuesday night in San 
Diego, most of the leaden were in- 
cluded, with Roger Clemens, Will 
Clark and John Kruk among them. 

But some even bigger players — 
in stats and stature — were missing. 

Fielder, leading the nugors with 
TO runs baited in, was (Knitted So 
Was Winfield in his 20 th season and 
enjoying one of his best And Flem- 
ing. the top rookie pitcher in the 
majors. They were left off the AL 
rostra- so all 14 teams would have at 
least one player, and no dab would 
dominate with more than three. 

\ Minnesota's manager, Tom Kel- 
ly, who joined with the league pres- 
ident Bobby Brown to pick the rest 
of the AL roster on Thursday, said 
ii was difficult to leave off Fielder, 
**but that's what happens when you 
have to work within the parameters 
of the system." 

4 The host San Diego Padres b as 
five players on the National League 
raster, the most in the majors. 
Third baseman Gary Sheffield and 
sjiortsiop Tony Fernandez were 
added joining outfielder Tony 
Gwynn. first baseman Fred 
McGriff and catcher Benito Santi- 
ago, who were elected to starL 
• Six former Padres also made the 
tfcams. Outfielder Bip Roberts of 
Cincinnati, second baseman Carlos 
Baerga of Cleveland. outfielder Joe 
Carter of Toronto and Kruk, the 
Philadelphia first bas eman, were 
added as reserves. Toronto second 
baseman Roberto Alomar and his 
brother. Cleveland catcher Sandy 
Alomar Jr„ also former Padres, are 
4 L starters. 

; Atlanta, the defending NL cham- 
pion, and St. Louis are the oniv 
teams to hare two pitchers selected. 
Tom Glavine and John Smoltz will 
represent the Braves. Bob Tewks- 
bury. leading the majors with a 1.82 


ERA, and reliever Lee Smith were 
picked from the Cardinals. 

Reserve outfielder Ron Gant and 
starting third baseman Terry Pen- 
dleton give the Braves tour players. 

Other AL starting pitchers were 
Demens of Boston. Juan Guzman 
of Toronto, Kevin Brown of Texas, 
Mark Langston of California, Jack 
McDowell of Chicago, Mike Mus- 
sina of Baltimore ana Charles Nagy 
of Cleveland. Joining Dennis Edc- 
ersley of the Athletics are refievras 
Rick AguDera of the Twins and Jeff 
Montgomery of the Royals. 

The National League manager. 
Bobby Cox of Atlanta, and its presi- 
dent, Bill White, also picked as start- 
ing pitchers Tewksbury, Glavine, 
Smn fty , David Cone of the New 
York Mets, Greg Maddux of the 
Chicago Cubs and Dennis Martinez 
of Montreal. Smith, Norm Charlton 
of C incinna ti and Doug Jooes of 
Houston were chosen as relievers. 

Fielder had the most productive 
month of his career in June and was 
batting 242 with 16 homers. 

Winfield is fifth in the American 
League in batting at 309 with 14 
homers and 47 RBIs- 
Renting, 10-3 with a 3.27 ERA 
for Seattle, was squeezed out so 
Langston (8-7, 4.02 ERA) and 
Montgomery (0-5, 19 saves in 21 
chances) could make it as their 
team's only players. 

Ivan Rodriguez of Texas was 
picked as the AL’s backup catcher, 
while its reserve infielders are 
Baraga, Travis Fryman of the Ti- 
gers, Chuck Knoblauch of the 
Twins, Edgar Martins of Seattle. 
Paul MoQtor of Milwaukee and 
Robin Ventura of the White Sox. 

The AL's reserve outfielders are 
Carter. Brady Anderson of Balti- 
more, Roberto Kelly of the Yankees 
and Rubrai Sierra of the Rangers. 

The NL took Tom Pagnozzi and 
Philadelphia’s Darren Daulton as 
backup catchers. The backup in- 
fi elders are Sheffield, Fernandez, 
Kruk, Craig Biggio of Houston, 
Clark of San Francisco and Mike 
Sharpeison of Los Angeles. Backup 
outfielders are Cbm, Roberts and 
Larry Walker of the Expos. 


INTERNATIONAL HERALD TRIBUNE, SATURDAY "SUNDAY, JULY 11-12, 1992 


n 



Reds Keep Raiding the 



The Associated Press 
TheGhcmnati Reds can make a 


pretty strong argument for being Uwbl£ UTOpS 
the best team in the National 

League right now. App&U oftkm 

r artfn’c ftwvmn doable -* Jr 


the best wm m the National 
League right now. 

Bany Larkin's two-nm double 
broke an dghth-inmzig tie Thurs- 
day night and enabled the Reds to 
continue their masteay of Pitts- 
burgh with a 5-2 victory over the 
dumping Pirates in Cincinnati. 

The Reds have won the last fiw 
hwwpffl the kacue’s division 


• 

: v '' _ . 

5 \ 

.ta, 

W> 

.v 




NATIONAL LEAGUE 

leaders, including a four-game 
sweep in Pittsburgh Iasi weekend, to 
fyflfti a 6-3 lead in the season senes. 

Jeff Branson doubled to center 
field off Roger Mason to start the 
go-ahead rally with one out in die 
eighth. Branson took third on Reg- 
gie Sanders’s two-out infield single 
off Bob Walk, and Laridn doubled 
into the right-field comer for the 
lead. T-«rlrin continued to third on 
right fielder Gary Vaisho’s error 
and scored on Paul (yNrilFs angle. 

Scott Bankhead pitched out of a 
jam in the eighth 10 get bis team- 
high ninth victory. 

Cincinnati has woo seven of 


The Associated Pros 

CINCINNATI — Reliever 
Rob Dibble has dropped the 

appeal of his latest suspension 
and will at out the Oncmnati 
Reds’ four-game series against 
the Pittsburgh Pirates. 

Both Dibble and outfielder 
Glenn Bra gg s were suspended 
for four games for charging on 
to the field to fight the Hous- 
ton Astros on Junes 24. 
Brass’s is anpeafins lus sus- 


pension. 

Dibble has previously been 
suspended by the league for 
throwing a bat at the back- 
stop, twice for throwing at bat- 
ters, and race fra throwing a 
ball into the stands and hitting 
a fan. He was fined last year 
for throwinga baD at Chicago 
basenmner Doug Dasccnzo. 


Deshaies had his contract pur- 
chased from Triple-A Las Vegas 


eight overall and 12 of 16 to earlier in the day to fill infra Dave 
strengthen its six-week grip on first EQand, wfw is injured- Working 


* in the NL West, 
lost six of eight. 


innings in his first big4eague start 
of the year, Deshaies allowed three 


Brim Pbdp.’Tbr tanned Pta» 

Mickey Morantfini made known his doubts ns the ump showed how far off his sfide into second was. 


padres 3, Phages L* Is San Die- struck out right and walked 
go, left-hander Jim Deshaies joined ” ve> 

the Padres in tone to help cad their Expos 6 , Ghuira 5: Marquis Gris- 
five-game losing streak, and Dan som scared an third baseman Matt 


al snapped San Framnsco’a five- ; 
wfiv. winning streak. . It was they 
Expos’ seventh game in four dayv* 
following three consecutive 
bleheaders at Los Angeles. . . ; , 

Grissombkxjped aone-oot sn-v 
gje to centra cfr. Dave Righetti,*' 
went to second rat a wfld phch, , . 
stole third aad scored when catcher* 
Kin Manwaring’s throw got past , 
WiBiams for ra error. v -j j- 

Breves X Gabs <fc Mark Lemkefc * 
two-nm triple in. the Ufkiamg t f 
broke a scorriess tie in Chicago. > 

- DfiviHosticerwalked leading off V - i ' 
the 12th and Brian . Hunter sacri-* 
Seed Km to second! .Greg Oban* '. 
also walked before Lcmkp fined a* 
trigte mtQ the right-firid framer off * - 
rehever Jim Btmngcc. \ 

Astras 4, Mete 0: Willie Blair} , 
won for the first time in the Nation- * . 
al League with sixstiongimiingstfi - 
retiefas Houston seat viatingNew ‘ 
York to its 11th shutout of tin£. - 
season.”- i. 

Blair had a 5-8 record in ; 
American Leslie for Toronto arid ■_ .. 
Cleveland before comin| to Hous- , 
ton is an off-seakw trade. . : » : . 

Dodgers 2, Cadads 1: In. Loi[ 
Angeles, Ramon Martinez blanked* 

St Louis on three hits over eighty “• 
innings as dm Dotes beat Bob, . 
Tewksbury, who is headed for the* . _ 
All-Star game, . . : ' - j 4t'l 

. The Dodgers brake a scoreless* - 
tieintheaxthaftaTewfcrfraiyhadJ 
retired the first two batters. Brett* 
Batter started the rally with - hfe.i 
23rd bunt singe of the season and;. 


Walton and Jerald Clark hit bade- Williams’ error in die 12th inning came aroond to score on singles by* 
to-back homers in the second. inSanFrano 9 co,aswearyMontre- Lenny Harris and Eric Davis. i 


By Example , Ryan Leads Rudderless Rangers to 14-4 Rout 


The Associated Press 

Bobby Valentine? Toby Harrah? It 
shouldn’t matter. 

On Thursday night, it didn't maner for 
the Texas Rangers. 

“I think the guys showed they didn’t let 
it be a distraction,” Nolan Ryan said after 
the Rangers routed visiting Cleveland 14-4 
under an interim manager, Harrah, who 
replaced Valentine, who was fired earlier in 
the day. “We’re players, and whoever is our 
manager, we have to go out and do our 
jobs.” 

Ryan did his job, recording his third 
consecutive victory after an 0-3 start He 
smick out eight and walked two while 
allowing seven hits in seven innings for his 


317th career victory, one behind Phil 
Niekro for 12th on the all-time list. 

Ruben Sierra had a three-run homer and 
Kevin Reimer and Brian Downing bit 
bases-empty shots in the fust inning off 
Scott Scudder. Joan Gonzalez singled 
home two more runs in the second, and 
Dean Palmer’s second grand slam of the 
season capped another five-run outburst in 
the fifth. 

Tigers 5, Angels 4: In Detroit, California 
lost its II tii in a row, the longest skid for 
the .Angels since 2988, when they dropped 
their last 12 games. 

The Angels started Brat Blyfeven, 41, 
against Frank Tan ana, 39. Neither was 
impressive, although Tanana, in his 19th 


fun major-league season, improved to 8-5. 
Blyleven, in his 22d season m the majors, 
had his fourth straight poor start, allowing 
five runs on nine hits in just four innings. 

Yankees 7, Mariners 6i A wild first ro- 
iling set the tone is New York. Seattle 

AMERION LEAGUE 

jumped ahead on Edgar Martinez’s three- 
run homer off Scott Kmmesiedl The 
Yankees needed only one fait — a grand 
-dam by Mike Stanley — in putting togeth- 
er six runs in the bottom half. 

White Sox 10, Red Sox 3: hi Boston, 
Jack McDowell, named to the All-Star 
team earlier in the day, pitched a seven- 


hitter fra his shah complete game. He got 
lots of support as Frank Thomas went 4- 
for-4, memdiag a two-nm heme run, and 
Gerage BdJ hit a three-nm homer in a 17- 
hit attack. 

Orioles 4, Twins 2: Brady Anderson led 
off with a homer off Scott Erickson and 
Mike Devereaux followed with another in 
Baltimore. That quick boost helped rookie 
Arthur Rhodes to Ins first major-league 
victory and the first by a left-handed start- 
er for Baltimore in nearly a year. 

Recalled from Triple-A Rochester on 
Wednesday, Rhodes gave up two runs, six 
hits, struck out four and walked two in 7% , 
timing s a gainst the best-hitting team in 
baseball 


Blue Jays 4 , Athletics 3: In Tomato, ■ 
relief ace Tom Heoke blew a save in the top ( 
of the ninth, but then the Blue lays baited * ; 
him out to collect then- eighth straight j 
victory. - ; J . 

Roberto Alomar led off the home moth [ . ' 
with a double off Rich Gcssage, who then t£t 
walked Joe Carter intentionally and retired r . . 
Dave Winfield and John Olezud. Bet Can- ) 
dy Maldonado then lined Go&sage's fust « 
pitch into left Grid to scare Alomar. = 

Royals3, Brewers In MdwMikee, Wal - : 
ly Joyner doubled home the whmmcnmj- 
and Kevin McReyndds hotnered off CSris ; 
Boso, his fourth off Brewers' pitching this • 

yew- 


;WHAT rr TAKES: The Way to 

ibe White House 

« 

JBv Rickard Ben Cramer. Random 
iiousf. 1,047 pages. S2& Random 
‘House Inc., 201 East 50th Street. New 
Jork, New York 10022. 

Reviewed by Jack Shafer 

R ICHARD Ben Cramer’s swift and 
beautiful barge of a book about the 
1988 presidential campaign, “What It 
Takes, answers the question posed by 
Hunter S. Thompson two decades ago: 
“How low do you have to stoop in this 
country to be president?" 

In the ’88 go-round, Ihe campaign trail 
was swarming with wilting stoopers — a 
former NFL quarterback, a gaggle of 
governors and senators, a standing veep, 
a dyspeptic retired general a lowly repre- 
sentative, and two servants of God. Most 
of these men bad targeted the White 
House from the beginnings of their ca- 
reers and were willing to Umbo through 
hdl for the prize. 

But how low would they go? 

“What I wanted, what I could not find, 
was an account I could understand of 
how people like us — with dreams and 
jloubts. great talents and ordinary frail- 
ties — get to be people like them,'* 
Cramer writes in the introduction to his 
1,047-page behemoth, which took him 
longer to write than it lakes to run for 
president. “What happened to their idea 


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of themselves? What did we do io them, 
on the way to the White House?" 

A veteran journalist, Cramer had cov- 
ered the U.S. Marine dqjloyraent in 
Beirut, a political campaign where the 
advance men toted rocket grenade- 
launchers instead of cellular phones. 
Joining the preridentia] -campaign caval- 
cade in 1986, he eventually narrowed his 
study to six men — Bush, Dole, Dukakis, 
Gephardt, Hart and Biden — real con- 
tenders who readily shared with him 
their thoughts and passions and pasts 
and presents. (Jesse Jackson didn’t make 
the book’s cut because he wouldn’t vol- 
unteer the required candor). 

The subtext of “What It Takes" is that 
a candidate must main tai n his vigilance 
lest the handlers (Cramer calls them the 
“white men") take over. But more than 
once in “What It Takes," the white men 
save the day. Like most or the other 
candidates, Dukakis permitted the white 
men to inspect his personal life for the 
trapdoors his opponents might spring. 
Since the voters now believe that they’re 
casting ballots for a first family, too, the 
interrogation included the family, and 
the handlers learned that wife Kitty had 
been buzzed on crank for 20 years. The 
specter of a “Kitty Dukakis Speed-Eat- 
ing Dynamics Course” could have easily 
scuttled the Dukakis campaign, but the 
white men staged a weepy public confes- 
sional and repackaged her travail to the 
candidate’s benefit. 

Had the white men gotten to him in 
time, Gary Hart might not have snagged 


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his presidential ambitions in his zipper. 
Hart never bent or sniveled to win the 
presidency in 1988. Robotic and self- 
righteous. he even refused to pose for a 
photograph to illustrate a journalistic 
profile of him as a candidate. A cam- 
paign obsessive, Hart was happiest ex- 
plaining his Ptolemaic theory of how to 
win the White House. Build concentric 
rings — one in each state — of 10 to 12 
supporters and instruct each supporter' 
to build another ring of supporters and 
so on until the pattern ripples out to 
every voter. 

But reanimating Hart is beyond 
Cramer’s talents. Filling in the Hart 
emptiness even defeated the inestimable 
E J. Dionne, who profiled the candidate 
for The New York Tunes during the 
campaign. Now a reporter for The Wash- 
ington Post, Dionne grew skittish in his 
questioning of Hart, Cramer reports, and 
the candidate asked him what he was 
looking for. “Why do you think . . . 
that we think . . . you’re weird?" 
Dionne said. 

The inchoate message of “What It 
Takes" is that none of the post -Depres- 
sion, post- World War II generation can- 
didates — Biden, Gephardt, Hart and 
Dukakis — is worthy. Their soft odys- 
seys haven’t prepared them for the office. 
Until you’ve walked tall really tall 
Cramer implies, you have no right to 
crawl into the White House. 

Jack Shafer, editor of the Washington, 
D.C. City Paper, wrote this for The Wash- 
ington Post. 


iOU KNOW. 


BRIDGE 


By Alan Truscott 

T HE Epson Worldwide Bridge Con- 
test took place in Paris in late June. 
Board 13 of the second day's game, 
shown in the diagram, was unlucky for 
many East-West pairs. (They were actu- 
ally North-South, but the deal has been 
rotated to make South the declarer.) 

There were many rounds to the excel- 
lent seven-spade contract and one of 
them is shown. South opens conserva- 
tively with one diamond, because the 
auction is harder to handle after a forc- 
ing opening. He then jumps to two 
spades, showing game values. North's 
raise shows slain interest; four spades 
would be weaker. South eventually uses 
the grand slam force, commanding his 
partner to bid seven spades if holding 
two of the top three honors. 

West is not surprised when his dub ace 
is ruffled at the first trick. This serves to 
complicate South's life, since he has been 
deprived of a useful entry. 

As it happens. West shows out on the 
second round of trumps. Now South 
must draw the remaining trumps; return 
to the heart ace, and hope one of the red 
suits behave. The diamonds run and the 
grand stem is made. The de c lari n g side 
scores 85 predetermined match points 
out of 100 and East-West bemoan the 
fates. 

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INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAV, JULY 11-12, 1992 


■ 



Page 17; 


'.'ft' \ .T t 


Yugoslavia Accepts IOC Plan to Skirt Ban 


iB*S& 

3.^ 

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Compiled hy Our Staff From Dispatches 

BELGRADE — The Yugoslav Olympic 
Committee unanimously decided Friday to 
accept the International Olympic Commit- 
tee's proposal to send Yugoslav athletes to 
the Barcelona Olympics to compete as indi- 
viduals. not under the Yugoslav nag. 

“Athletes should not suffer for something 
ihey have nothing to do with." said Miljan 
Miljanic, the Yugoslav soccer learn manager. 
“It is a patriotism to go to Barcelona and 
participate in the Olympics.” 

The United Nations Security Council in- 
cluded a sports boycott in sanctions it im- 


posed May 30 on Yugoslavia, a former six- 
' lie fed 


republic federation now reduced to Serbia 
and Montenegro. The measures were de- 
signed to punish Serbia for fomenting vio- 
lence in Bosnia-Heizegovina. 

The International Olympic Committee 
said Thursday in Lausanne, Switzerland, 
that Yugoslav athletes could enter the Olym- 
pics. which begin July 25. despite the UN 
sanctions. 


The IOC chief. Juan Antonio Samaranch, 
said Yugoslavs could compete as individuals 
under the neutral Olympic flag and anthem. 
Formally, they would not be representing 
Yugoslavia. 

Yugoslav Olympic officials, wbo met Sa- 
maranch at IOC headquarters on Wednesday, 
decided Friday to accept those conditions. 

“We are all convinced that our delegation 
did a good job in Lausanne and that every 
single Yugoslav athlete will be delighted not 

-- — — artsman's dream — the 

Isecre- 

. ittee. 

The Spanish government and U.S. Olym- 
pic Committee both voiced their support for 
the formula allowing Yugoslavia's athletes to 
participate. 

“Both the Spanish government and the 
Olympic organizing committee would like 
for the Games to bdong to all humanity" 
said Alfredo Perez Rubakava, Spam's minis- 
ter of education. 

William Hybl. president of die U.S. com- 


mittee. said the arrangement represents “the 
Olympic ideal at its best." 

“In a time of great turmoil in their home- 
land, these athletes will now be aide to com- 
pete with the worid’s best athletes under the 
Olympic flag.” Hybl sakL 

In Germany, however, officials con- 
demned the move. 

“Olympia seems to have gone out of its 
mind," sakf Christian Schmidt, foreign poli- 
cy spokesman for the Christian Social 
Union, a coalition partner in Chancellor 
Helmut Kohl's government 

“As long as Serbia continues its war 
against innocent civilians, no athletes from 
this country should be allowed to parudpaie 
in Olympic Games,” he added. 

Said the sports spokesman for the opposi- 
tion Social Democrats, Wflhdm Schmidt 
“Despite widespread skepticism against 
sprats boycotts, the derision is wrong m this 
particular case." 

VeJjjcsaid the Yugoslav committee would 


send the IOC a list of 1 10 athletes who would 
compete in Barcelona. i 

Me added that partidpatien as individuals 
would, in fact give publicity to Yugoslavia. - 

“Everybody will ask our athletes ‘Where 
arc you from?’ “ Vdjic said. 

The IOC proposal for the Yugoslav atb-’ 
letes followed a caO by leaders of the worid’s 
seven richest democracies this week in Mu- 
nich that the athletes be allowed to partici- 
pate individually. 

“It was decided that we would make an 
official proposal to the Yugoslav Olympic 
Committee that athletes from Yugoslavia 
can take part in the Olympic Gaines,” Sa- 
maranch said Thursday. 

The UN resolution only bans athletes offi- 
cially representing Yugoslavia. Francois 
Canard, IOC dixcctor-general said Yugo- 
slavs would participate “representing them- 
selves, not any suite,” he said 

(AP, UPI. Reuters) 


A Nation’s Basketball Out of the Shadows 

NBA Star and Olympics-Bound Lithuania Can Finally Speak for Themselves 


_ Umai RdwWTkf AaoCSBrd Pro* 

Greg LeMo&d, right, with Chutfio Chiappucri as they led a four-man breakaway on Friday. 


LeMond Powers Breakaway 


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By Samuel Abt 

International Herald TUbune 

BRUSSELS — A frisky Greg 
LeMond made reports of his 
weD-bcmg ofEdal Friday as he 
i bdp«l power a four-man break- 
away that finished one minute 22 
seconds ahead of the rest of the 
Tour de France pack. 

“I planned to be in the break 
today," LeMond said. “I fed a 
lot stronger." 

The lead at the finish plus bo- 
nns twwfls accumulated during die 
seventh stage of the three-week 
race jumped the American rider 
from 14th place overall to fifth. 

- Pascal Lino, a Frenchman 
with RMO, continued to wear 
the overall leader’s yellow Jersey^, 
and Steve Bauer, a Canadian 
with Motorola, moved into sec- 
ond place, 3:11 behind Lino. - 

In fifth place, LeMond is 4:29 
behind lino and 1:04 ahead of 


kilometers (104 miles) from Rou- 
baix, France, to Brussds in three 
hours 37 minutes 6 seconds. 

Second was Claudio Chiap- 
pucri, an Italian with Carrera, 
and third was Brian Holm, a 
Done with Tulip. 

The stage, run under intermit- 
tent rain, clouds and a feeble sun, 
ended in a drizzle that caused a 
crash once the riders passed over 
dick cobblestones about three ki- 
lometers from the finish. 

Dazens of riders were hurt. She 
were seriously injured and bad to 
be taken to a hospital fra X-rays. 

The breakaway had long fin- 
ished by then and LeMond was 


70 and again LeMond counseled 
patience. 

At the last bonus sprint point, 
with 22 kilometers left in the 
stage, they derided that their 
lime had come. 

They did nearly all the work in 
the breakaway after Holm and 
Jalabert joined them. 

Watched by huge crowds, the 
four quickly opened an ever-in- 
creasing lead as the pack again 
failed to respond and try to set 
up a finish for the star sprinters. 

Whai has become clear in this 
79th Tour is that no team, not 
even Indurain’s Banesic team, is 


already celebrating in a quiet 
way. He started the Tour on July 


Miguel Indurain, the defending h e p n 
dfempkmjvbfr te eight h overalL He 


4 in a state of near exhaustion 
from long travel to Spain and 
rode weakly (he first three days. 

Not until Thursday could he 
announce that he had caught up 
on his sleep and felt fine. Friday 


us Sleep a 
he proved his words. 


LeMond, who- has won the 
Tour three: times but finished 
seventh laSEJaiq was (Be last .of 
the four nwtjttihe [breakaway to“ ■ 
splash aertiss' tfie unc: “Calmly 
jBbfiaat at his show of Irate, lie 
did not seem to care, 

. ‘TwouMhavelikedtowinbut 
PH take the time,” LeMond said- 
Thc winner was Lament Jala- 
bert, a Frenchman with the 
ONCE tram, who rode the 167 


and Chiappucri had col- 
laborated in an earlier attack 
that failed. That was on the first 
climb, the Mont (fEqctus, after 
kflometer 22. . . 

“Ghtappucd and I had talked 
it over and be.was very strong, so 
we derided to go toother, ^ Le- 
Mond said. “But it was too far to 
go and I told him to watt.” 


They Spoke again about at- 
tacking alter th 


the fourth MU, the 
Mur de Graxmnoot, at kilometer 


the race under control ant 
breakaways to a mininum . 

That fits in well with the over- 
all theme of the Tour, which will 
visit seven European countries to 

celebrate the beginning of open 
frontiers and the free movement 
of people. Free movement is all 
the Tour has seen so far. 

Pursuing that theme of Europe 
1992, the Tour crossed another 
border Friday and moved, from 
the mother country -inio- Bcl- 
gium, ending in the center of the 
EC’s bureaucracy. 

In sill the Tour will pass 
through Spain, France, Belgium, 
the Netherlands, Germany, Lux- 
embourg and Italy on its 3,983- 
kflometer (2,490-mile) journey to 
the finish July 26 in Paris. 


By Jackie Krentzman 

New York Tunes Service 

VILNIUS, Lithuania — AH Sarunas Marciu- 
lionis wanted to do was play basketball He 
didn’t want to be pulled into politics. Especially 
when they weren’t his politics. 

But there he was, a trembling 22-year-old 
university student, standing behind a podium, 
speech in hand. Neither the language nor the 
words were his. 

The speech was in Russian, not his native 
Lithuanian. And the words, which everyone 
would think were his, were actually those' of a 
Communist Party ghostwriter, whose job it was 
to write paeans to the party and the Soviet 
Union, to be read by local heroes throughout 
the various republics. 

Marriulionis was chosen because be had just 
been named Lithuania’s athlete of the year. The 
basketball star for the Statyba team of Vilnius 
was to read aloud and pretend be wrote and 
believed the words. 

Standing before him were his countrymen, 
many of whom, like Marriulionis, didn't fed 
that the Soviet Union was their country, nor 
communism their philosophy. 

But Marriulionis had no choice. This was 
1986, well before Lithuania became the first 
republic to declare its independence, in Febru- 
ary 1991. 

“It was a farce,” said Marriulionis, a Golden 
State Warrior guard in the National Basketball 
Association since 1989 and now a star of the 
Lithuanian Olympic team. 

“People from the factories and all over the 
dty were forced to come and listen. I was told if 
I didn’t read it, I would be faded in all ray final 
exams and I wouldn’t get an apartment The 
speech was putting down Lithuanian indepen- 
dence. It was all about how freedom was bad, 
and bow the Soviet system was good. 

. “I read it and it was the most embarrassing 
moment in my life.” 

Ever since, Marriulionis had sided away from 
utilities, except Tor one overt statement After the 
ict team won the grid medal in the 1988 


Marriulionis said he was proud of that gold 
medal as an individual accomplishment only. 
Now he and his teammates have a chance to 
win a medal for Lithuania. Thai is why he came 
back home this summer — to get ready for the 
Summer Olympics in Barcelona. 

Marriulionis may have shied away from poli- 
tics. but that doesn't mean he is apoiiticaL In 
Lithuania, everyday life is pofiticaL It’s just a 
matter of to what degree one participates. 

He wants to help his country, and he is in 
position ro do so with his 52 million-a-year 


neighbors came over to greet us and bring us 
food.” said Marriulionis of his introduction to 
California. “That would never happen here. It 
can take years to build trust. 

“In the U.Sn people automatically assume 
you are good It is the opposite here. I try to say 
nice things and smile at people on the street, to 
set an example, but they don’t understand 
People are loo jealous of each other.” 

By no means has Marriulionis rejected his 
country. He has a dual residence, a home in 
Lafayette, a wealthy Oakland suburb, and as 
apartment here. He loves his country, and feels 
more at home here than in California. 


After the Soviet team won 
the 1988 gold medal, it 
took a team photo. The 
four Lithuanian starters 
went into another room 
for a photo of themselves. 


Marriulionis grew up in Kaunas, a city of 

from 


salary from the Warriors. To that end Marriu- 
lionis has targeted the children. 

He is building two basketball centers where 


children will play basketball and other games 
after school Hens 


igures if he canTpui food in 
le’s stomach, be can at least fin their souls 


Olympics, it took the standard team photo. 
But the 


four Lithuanian starters — Mairiu- 
bonis, Arvidas Saboms, Rimas Kurtimtis and 
Valdemaras Khomrcus — went into another 
room and had a photo taken ri the four of them. 

“That was our official team photo,” Khomi- 
cus said 


for a few hours a day. 

“Soninas believes the future of Lithuania is in 
its children," said Drain Nelson, assistant coach 
for the Warriors and the Lithuanian national 
team and Marriulionis’s dose friend “He knows 
if he wasn’t lurin', he’d be in their shoes. It’s his 
way of giving bade to his country.” 

After three years in California, Marriulionis 
is appalled by what he calls the anti-logic of the 
Lithuanian way of doing things. 

“life has no value here,” he said “Doctors 
here make less than cab drivers or someone 
selling ice cream in the street We have what 
people in the United States want, universal 
health care. But what good is free medical care 
if the care is terrible?” 

He notices that the material shortages here 
have set people against each other. 

“When we first moved to Alameda, the 


400,000 about 100 kilometers (60 miles) 
Vilnius. His parents still live in the same face- 
less apartment budding, even though their son 
struck it rich in America. 

“They frit comfortable brae,” Maiciulioais 
said “People are conservative in Lithuania; 
they don’t like change.” 

Behind the apar tmen t is a g*m>u basketball 
court. The surface is cement blocks with weeds 
defining the cracks. The backboard is 10 pieces 
of plywood nailed together. Marriulionis did 
the nailing, 15 years ago. This is where his 
signature bullish drive to the hoop was formu- 
lated. He walks around the court, remembering 
its contours, then begins shooting. 

“When I drive to the Oakland Coliseum on 
Highway 24 and go through the Caldecott Tun- 
nel ana see that enormous panoramic view of 
San Francisco and Ifie Bay, it is beautiful" 
Marriulionis said “But it’s like a picture to me. 
It’s not real because it’s not mine. I don’t feel I 
belong to that city. But here, when I drive and 
see something beautiful it may not be as spec- 
tacular, but it is mine.” 

Maybe the sprawl and bravado of America is 
so odd to MarriuBonis because blending in is 
at to him Hence, in California he drives 
lives in a large home and shops at 


Safeway and at malls and at dwultrachk special- 
ty sure ml^ayette. He eats Chinese food oat of 
the container. la Lithuania, he drives a modest 
Lada; only in Lithuania would he reveal that he 
once played the accordion. 

“Em £omf ratable in both places,” he said “I 
remember when I first came back here. I got 
into a Lada, and I laughed at this cheap Rus- 
sian car everyone drives. But by the next day it 
fdi natural and I was happy to be driving it.” 


Albertville 
Puts Loss at 
$56 Million 


By Alan Riding 

New York Tunes Scmee 


PARIS — Jean-Oaude Kil- 
ly and Michel Barrier, co- 
preridems of the 1992 Albert- 
ville Winter Olympics, have 
announced that the committee 
that organized the Games re- 
corded a S56.8 trillion loss. 


equivalent to 6.8 percent of its 
$836 


million budget. 


In a news conference on 
Thursday. Killy, a former 
French siding idol and Bar- 
rier, who heads the Savoie re- 
gional council played down 
the si gnificanc e of the deficit, 
ar guing that the success of the 
two-week-long Games in Feb- 
ruary was more important. 

Prime Minister Pierre Bere- 
govoy has said that the central 
government will cover 75 per- 
cent of this loss. Barrier said 
the Savoie region, which em- 
braces Albertville; will assume 
die balance of the debt, most 
of which, be added, had al- 
ready been paid. 

Killy said the sale of 
941,000 tickets was higher 
than expected. But he noted 
that the organizing committee 
had been asked to book 40,000 
hotel rooms in the area on be- 
half of foreign Olympic dele- 
gations and that many rooms 
had remained empty. 

The committee suffered sev- 
eral unexpected setbacks: 
tedmical problems increased 
the cost of the bobsled run at 
La Plagne to $44 million and 
of the rid jumps at Courchevel 
to $33 million. 





Berlin Fires 2d Aide Over IOC Files 

BERLIN (Reuters) — Berlin said on Friday that it had fired an official 
who compiled dossiers on International Olympic Committee members in 
the hope of in fl u en cin g there in the choice of venue for the 2000 Games. 
- NjVfl fa"* F urjiR, a TnqfkKmg i^wnagpr, is rhe second senior executive to 
be fired from the company coordinating Berlin's Olympic bid. His 
dkmwoti is another blow to a campaign suffering from poor funding, 
lackluster promotion and local opposition- 
^Whoever snoops under the beds of IOC members hasn’t got the right 
touch for cur serious Olympic bid,” said Berlin’s construction minister, 
Wolfgang Nagel 

Longo Agrees to Use Team’s Wheels 

PARIS (Renters) — Jeannie Longo, a fanner world champion, bowed 
to pressure from the French cycling federation cm Friday and agreed to 
use (he wheels provided by team sponsors at the Barcelona Olympics. 

LongO, given a deadline of nridmghl Saturday to accept federation 
conditions or mi« the Games, said she had no choice but to follow the 
roles. Tjgipp had earlier won a court ruling that the federation could not 
force her to use pedals provided by sponsors. She said it was too late to 
challenge the wheels demand in court. , 

jjjnqp, eight limes world champi on but never an Olympic medalist, is 
one of France’s best hopes fargedd in Barcelona. 


SCOREBOARD 

ESE2 

Major League Standings 


AMERICAN LEAGUE 


FIBA Rejects Belgrade for *94 Finals 

MUNICH (Reuters) — The international basketball federation, F3RA, 
decided on Friday to take the 1994men’s world championship away from 
Yucncljjvia and to allow other countries to bid for me event- . 



East Dhrislaa 




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Detroit 

41 45 

477 

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39 43 

476 

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56 34 

595 

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35 4* 

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IS 

Seattle 

33 53 

J84 

n 

CaUtarnta 

32 52 

JBl 

16 

NATIONAL LEAGUE 



East Division 




W L 

Pet- 

GB 

Pittsburgh 

46 39 

541 

— 

Montreal 

43 42 

506 

3 

SI. Louts 

42 42 

500 


aricnaa 

40 44 

474 

5*i 

New York 

40 45 

47) 

6 

PMkxtoloMa 

36 49 

424 

10 


WeUDhriskm 



dndnnon 

51 32 

414 

— 

Allan la 

46 37 . 

5S4 

5 

5ntDteao 

44 42 

512 

8M1 

Son Francisco 

4) 43 

466 

10Vj 

Houston 

40 45 

471 

12 

Les Angeles 

38 47 

447 

M 


MM« (•). Doherty IB). Hennemon W and 
Tettleton. W— Tonona 8-5, L — Blvtovon, ML 
Sv-Henmman 116). HRs— ColHamta. Curtis 
Ml. Detroit. Fielder (17). 

Seattle * «*1 Mt-4 U 1 

Nw* York MB •«*— * * » 

Johnson, Powwl ffi] and vote. Partish 19); 
Kamkenlecfcl Codarst t7). MonWoono HI, 
Houvan 19) and Stanley, w — Kamlmtecfci.2-6. 
L— Johnson, M.S«—HabVon (il.MRs— Seal- 
no. Getftev <15), EJUarthm IM). Now York. 
Tortn&ulf (in, Stanley «). 

Kansas City m 2M ilB-S » I 

Milwaukee )BB MB 1W-S 9 » 

Brnkfleker. Heaton <«). 5MflleH (7). Mont- 
oomerv (>i and Moyna, Mocfnrfane 18); Bo- 
slo. Orosco (B). Holmes (B) and Surtotl. W— 
SMHtett, 1-0- L— 803*0. (H S'/ MonlaotntfY 
(29). HRs— Kansas City. Mcftsvnokto l TO. 
Oakland Ml IM IBt— 3 7 2 

Toronto Ml » W— * » 2 

Dawns. Parrett (i). Honeycutt U>. Gosbom 
I f) and StoHudi; Morris, word rai.mwkem 
and Borders. W— Her** M. L— Gom»bo.O-Z 
Cleveland IM INI #W- 4 M I 

Texas SJB W M*~« 1* « 

Scudder. Wtckander I2i. Power (fl.Olln IB) 
and Alomar. Ortu (6); Ryan, Bowtsw «>. 
Mathews 191 and Rodrtouez. Petrolll (9). W— 
Ryan, 3-3, L— Scudder. W HRs— Cleveland. 
Sorrento OU.Texas, Palmer (it). Sierra (II). 
ReHner (IB). Dawning IB). 


Atlanta M0 0M IM MI— 4 7 2 

CMcago Ml MB BN BOO— I 3 1 

02 lanlavs) 

LeJbnmdt. Freeman IB). Stanton (TO), Pena 
ivn and CHeon: Jackson, Samian (». Bul- 
Unoer Cll). McElroy IT2) and GtrardL W— 
Stanton. 2-4. L — BuUlnaer, 0-2. Sv — Pena (5). 
a. Louts 0M Ml on—1 4 2 

Los Anodes MO Ml Wx—3 11 1 

Yewfcs&urv. McClure (7). DeLeon (8) imd 
Pognozzl; Martinez, McDowell (9) and 5das- 
da «v— Martinez. M. L— Tewtubury. «. 
Sv— McDowell (11). 


av. 4:37 behind; 7. Gianni Buuna Italy, 5:06 
behind ; B. Stephen Rome, iretand,SJB behind; 
e.Mfouel indurabv5painJ:31beMnd; Nl Gian- 
cana PerM, Italy. 5:35 behind. 




7 1 


Thursday’s Line Scores 


former Soviet republics of Armenia, Bdorus, Georgia, Moldova. Russia, 
Ukraine, Kazakhstan. Kyrgyzstan and Uzbekistan. 


For the Record 






Rn£ V6Ber, 32, the German striker, signed a two-war contract with 
Ohmpique Marseille, the French soccer champion, on Thursday. Details 

ofmsbansfCTfrxMntheltaBredubASRomavrereiwidisck)^ (AFP) 

Tracy Austin, 29, a two-time US. Open tennis champion, will get SI J) 
mflfion in a settlement of her lawsuit that charged a 1989 auto accident 
had her comeback. Austin suffered a broken leg and nedr and back 
injuries when her car was struck by a van. At thetimCjShe was trying to 
come back from a five-year absence brought on by a bad back. (AP) 


AMERICAN LEAGUE 
Mtwesota MB MB 00-0 a 0 

Bantam 2» B20 Mx-4 7 t 

Ertctaon, tower (St. Wayne IB) and Web- 
ster; Rhodes. Milts (B) and Tackett. W— 
Rhodes, l-a L-Ertcfcsoa 4-4. sv-MIfta (I). 
HRs — Bolllmora, Andersen (IS), Devenaux 
(13), Martinez (4). 

• 2M 633 see— » 17 B 
IN 3BB MO— 3 7 • 

McDowell ana Fitfc; Hesketh. Gardiner <4) 
ond Pena. Flaherty (0). w-MeDowdt 13-4. 
L— Hesketh. 4-6. HRs-CWeaaa Thomas (13), 
G.MI 03). 

CaUtanta OW M2 HM IB 1 

Detroit 311 no Ms-5 11 B 

Blyleven, trim (5), Frev (8) and T1 holey, 
Fitzgerald (6); Tonana, Terrell (4), Kleiy (7), 


NATIONAL LEAGUE 
PModeMiia NO MI 

San Dteeo no He « ■ 

Mu] Holland and Dadtan; Deshales. MKen- 
dez I A). Myers 16) and Watters, w— Deshales. 
1-a L-Mulholkwt 9-5. Sv— Mvers IM). 
HRs— PMtadetDhla. Hollins (ID- San Oieoo. 
Wallen (31. Ctark (6). 

i bos mi eei — b is • 

I SM IM MS— 5 11 1 

(12 Marinas) 

Nabhelz. Moysey m. Vatdez (9). wettetand 
(16) and Carter; Oliveras. Hietanon (3), 
Brant Mv (6), Beck (9), Rtahettl 06) and Man- 
darins. w-wettekma 2-z L— Rlehettl, 1-6. 
HRs — Montreal. Walker IW. Borbeda ID. 
San Francbcw Thompson (7). 
pntstaurah we Mi N6-3 6 l 

dedanatl 2M MO 63X-0 • « 

V.Cote. Negate 12). Mason (5). B. Patterson 
II). Walk (8) and StauaM; SwfndeO. Bank- 
head (0). Chanton (9) end Oliver. W— Bank- 
head, 9-2. L— Mason. 2-4. Sv— Charlton (21). 
New York m mo mo-« s 1 

Hoestoa IN IW Blft-4 I S' 

Gooden. Gibson (61 and 0"Brfen; Portugal, 
Blair (4) and Senate, w— Blair, w. L-Ooo- 
den. 6A 


CENTRAL LEAGUE 




w 

L 

T 

pa. 

OB 


38 

32 

0 

543 

— 

Yofcufl 

34 

30 

0 

531 

1 


35 

34 

0 

507 

2vj 


36 

35 

1 

507 

2» 

OmnlcM 

32 

37 

0 

464 

SV* 


31 

38 

1 

449 

69t 

Ho games sdwaetal on Friday 


PACIFIC LEAGUE 




W 

L 

T 

PCt. 

OB 

SeUXJ 

43 

22 

2 

462 

— 

Klnielsu 

37 

26 

4 

587 

5 

Nippon Ham 

32 

38 

2 

457 

13V* 

Do lei 

32 

39 

T 

451 



30 

38 

1 

441 

14V* 

Orix 

29 

40 

2 

4» 

16 

Friday’s Remits 



Seibua KJfitriw 2 






Lotte 6. Nippon Ham 5 





Orix 7, DOM 3 








1 

1 

H 

IS 

Tour De France 






SWISS OPEN 
la Gstaad 
OearterHnats 

Gabriel Morton. Argentina, del. Michael 
Otana (2). 7-6 (7-31,7-6 r7-D; Serai Bruouera 
(6). Spain, del. Goran Ivanisevic (3). Croatia, 
ML 4-2; Francisco Clavet, Spam, dot. Emilio 
Sanches (5). Snaln. 7-5, 7-5; Fobrlce Santoro. 
France, dot. Kara) Movocek (B),CzedKMtova- 
kia. 6-4. 5-7. 6-4. 


Recalled Patrick Howell, oufflektor. tram 
Tldewator. international League. 

SAN DIEGO-Fur Dave Ettanct pitcher. an 
ISriay disabled IW, retraaettve to July 5 
Bought contract of Jim Demote, pitcher, 
from Las Vegas. Pacific Coast Leaauc. 

SAN FRANCISCO— Put Francisco OH- 
verm, pitcher, on 15dav dboMed IW. Re- 
called Pat Ranp, Pilcher, from Phoenix, Pa- 
elite Coast League. Designated Dave 
Masters, catcher, tor reassHmment. 


Blastus 


Remits to Friday's sixth stage, a Mawto- 

meterCMS-mfle) toco from Roobaix. Prance, 

to Brauets, bbhumi: l. Laurent jakAert, 
Franee.3 noura.37 minutes and slxseconds; 2. 
Ooudto Chteppucd. Italy, same lime; X Bri- 
an Holm. Denmark. sJ.; 4. Greg LeMond. lii, 
*.t.: 5 Johan Museeuw, Betolian. I minute. 23 
aeands behind; 6. wutried NeHs*n.Be»luiTv 
-i , 7. Olaf Ludwig, Germany, sJj X Dimitri 
Konvsbev. CIS. xL; 9. Johan Cook* Belgium, 
sJ.; ia Jelle NIMom, Netherlands, RJ- 
OnraB nmcBmn taner six stages) :L Pas- 
cal Lino, France. 26 hours, 22 minutes end S3 
seconds; 2-Stove Bauer, Canada^ minute aw 
.11 seconds taMnd.-XChkmMKXi, 3:34 OeWnd; 
A Richard virennue. France. 4:02 behind, - X 

LeMoncL4;29 behind: L Jens Hepgner.Germa- 


BASEBALL 
American Leooee 

BALTIMORE— Put Storm Davis, Pitcher, 
on 15-dav disabled list. Recalled Amur 
Rhodes, pitcher, from RochBSlerJnternotkw 

ol League. Ckrimed Pat Clements. Pitcher, ott 

waivers tram San D+eoa. 

CALIFORNIA— Put John Ortnacotcner^o 
15-doy dlsaMM IW. Recalled Ken OberitfeiL 
Intlelder. tram E dmontcn. Pocttlc Coast 
League. 

MILWAUKEE— Put Dave Nilsson. catcher, 
on 15-day disabled list. Recalled John John. 
knfMder, hum Denver, American Association. 

ILY.YANK EES— Put Mike Gallega.lnfleld- 
or, an 15-day disabled list- Recalled Mike 
Humphreys, outfielder, from CoJinntxa, in- 
ternational Leome. 

TE X AS— Fired Bobov Valentine, mmger. 
Named Tobv Hamrfi Interim manager. Put 
Julio Frcnax Intlelder. on 15-dov iflsaMed list. 
Recalled Jeff Fry*. tnHetoer. from O* tahomo 
CUy, American Assodafloa. Sent Gerald Al- 
exander. pitcher, to Oklahoma City. 
NatteBol League 

CHI CAGO— Bought contract at Jeff Kunket, 
fnfiefder. from Iowa American Associatio n . 
Opttongd Hector Villanueva catcher, to Iowa 
CINCINNATI— Acoul red Tons Bolton, ulteb- 
•r, from Boston tor Silly Hatcher, ouHJoMer. 

LA. DODGERS— sent Pedro AstadapHcher. 
la AOxxiueraue. Padflc Cc 
Tom Goodwin, outfielder, from > 

. MONTREAL— Sent Bill Wslev. nHeher. to 
l ndkmanolb. American Association. Recalled 
area Cotbrum intlekSer. tram indksaepoUa. 

N.Y. METS— Put John Franca pitcher, an 
tfrdav disabled IW, retroactive 10 June 29. 


BASKETBALL 

National Basketball Assertntioa 

CHARLOTTE— signed Kevin Lynch, guard. 

LA. LAKE RS — Signed Duane Cooper, guard. 

FOOTBALL 

National Football League 

Dallas— waived Vince Albrlttoiv safety. 

IHOI ANA PQUS — waived Tim Mama 
running back. 

MINNESOTA— Released wade Wilson, 
quarterback. 

H.Y. G I ANTS— Betoctod Dave Bravm, quar- 
terback, In NFL imxMcmcataf draft. 

PHOE N l X— Homed Bob Attlee director al 
collige scouting. 

SAN DIEGO— Sluned Kailti McAfet, run- 
ning hock 

TAMPA BAY— Agreed to tenns with Mark 
Wheeler, nose tackto. 

HOCKEY 

Nattonat Hockev Lcaara 

DETROIT— Slgaed Mark Howadefensemtm 

NEW JER5EY— signed Scott Petlcrin and 
Curt Rear tor. left wings, and Caravan Hex- 
tall, center, to mutttveor contracts. 

N.Y. RANGERS— Traded Tim Kerr, right 
wring, to Hanford lor undtsdased draft ptak. 
Signed Randy Glihca center. 

TAMPA BAY— Stoned Mikael Andcnsen. 
wing, to multi year contract, and Marc Berae- 
vln, de f e n seman. 

WASHINGTON— Agreed to term# with Al 
Htfrato. defenseman. 

COLLEGE 

IVY LEAGUE— Named Mike Malwnev 
public Info r mation Mem 

ARIZONA STATE— Named Lee Roy Smith 
wrest fine coach. 

B ROWN-Named Bin Almon baseball asoch. 

CALIFORNIA— Named Karen Mae Tbom- 
tan assistant otbletlcdiroctpr tor campfiance. 

CAMPBELL— Named Tom Collins athletic 
director. 

CENTRAL FLORIDA— Brel Campbell, as. 
sistanl beskettball coach, rashmed to occetri 
sJmUor oaritton at Austin Peay. 

Q-EMSON— Named Linda WMto Erector 
al com m ic o ce and sentor women's adminis- 
trator. Named Erato Arm volleyball coach. 


DARTMOUTH— Named Kelly 
women’s a ssM ant socosr coach. 

DLK3UESME— Larrv Harris, men* i 
tant basketball coach, restoned to take same 
position at Oregon 5Wt 

FLORIDA — Named Dr. KetthCorodtraas- 
eoclate athletic director tor academic afMn,' 

HUNTER— Zak ivkavtUDorts Intarmattan 
director, resigned. 

INDIANA5T ATE— Tom CerosaoL Quarter- 
bock, tran sf erred from Wisconsin. 

LOYOLA MARYMOUNT— Named Rick 
MCLaughHn mentovnUevboll coocn and Jutl* 
jamile women* assistant voHevball coach. 

MISSOURI— Homed Brian K. Hoffer men* 
and women's swimming coach. 

NORTHWEST NAZARENE— Promoted 
Brain Muir from a s s ista nt baseball coach to 
head coach. 

OREGON STATE— Named Lorry Harris 
assistant men's basketball coach. 

PEPPERDINE— Alton Fox. men's tennis 
coach, will resume Ms duties after taking t- 
veor leave. 1 

RUTGERS— Named Ed Rasklewlcz osso- 
aae coach for men's and women* track and 
field programs. 

SAN FRANCISCO— Named Deron Johnson 
tulMtme assWant baseball coach. 

SPRINGFIELD — Named Judy Van Rmrtto 
woman’s tenn is coach. 

ST. FRANCIS. PA— Named Gina Lets 
women's valtovbafl coach. 

ST. JOSEPHS— H om ed Geoff Arnold men's 
assistant basketball coach. > 

TOLEDO— Named Joe Knnef DosebaB 


UNIVERSITY OF MISSOURI -KANSAS 
CITY — Promoted Ed Gram from sports Infor- 
mati an dlreetor to assistant afnfctic dfrecJor. 

UNIVERSITY OF MISSOURI-ROLLA— 
Named Las Bovum offensive line eooch In 
football and bead trot* coach. 

VANDE RBI LT— Named Tony Neely sports 
In fo rmation director. 

WESTMONT— Named Jeff Crasbv men's 
bostcetball coach. 

WESTERN CAROUNA— Named Pete 
Stravhom men’s assistant basketball coach. 


To our r anda n fat Vtnnnn 

You con now receive the IHT hand 
delivered to your home or office 
on the day of publication- 


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INTERNATIONAL HERALD TRIBUNE 




Page 18 


INTERNATIONAL HERALD TRIBUNE, SATURDAY-SUNDAY, JULY 11-12, 1992 


DAVE BARRY 

H. Ross andH. Dave 


Love and War: French F ilms on Indochina 


PEOPLE 


£ 4^ Jig 

A v - 


M IAMI — The current politi- 
cal situation can best be 


summed up by the words of Abra- 
ham Lincoln, who once said (I be- 
lieve he said this on the Larry King 
show): “You can fool all of the 
people some of the time, and some 
of the people all of the time, but if 
you nominate George Bush and 
Bill Clinton, the people will barf on 
your shoes." . 

As usual. Lincoln was right The 
peopk are not happy with Presi- 
dent Busb, despite ras efforts to be 
the Education President the For- 
eign Affairs President the Domes- 
tic Affairs President the Environ- 
ment President the Whatever You 
Want President the Booefishing 
President and the President Who 
Communicates Via Sentence Frag- 
ments. The people are saying: 
"Hey, George, we want you to be 
the Ex President." 

Meanwhile the Democrats, who 
are sick and tired of finishing sec- 
ond, have — against all odds — 
figured out a way to come in third. 
Their man is BUI Clinton, whose 
most memorable public appear- 
ance was when, in an effort to re- 
gain credibility, he told Arsenio 
Hail that he really did TRY to 
inhale. 

Given the current political cli- 
mate. political observers feel that 
the time is right for an unprece- 
dented new force in politics. 1 refer, 
of course, to myself. Also H. Ross 
PeroL We are both “outsiders'* 
running for president, and the 
amazing thing about us is — get 
ready for an astounding coinci- 
dence — we hold the same views on 
everything 

□ 

One area in which H. Ross and I 
are very similar is campaign financ- 
ing. He is willing to spend SiOO 
million of his money to get elected; 
I am also willing to spend SiOO 
million of his money to get elected. 
More, if necessary. 

Yet another amazing similarity 
between H. Ross and myself con- 
cerns our views on adultery. Nei- 
ther of us thinks it has any place in 
the Oval Office. 

"You adulterers get OUT of this 
office!" 1 would tell them in no 
uncertain terms. "Use the Lincoln 
bedroom !** 

Also. H. Ross never used drugs, 
and although l may have had sy- 
ringes in my arm a few dozen times. 
I never pushed the plunger. 

Some of you might be saying: 


“But H. Dave, if you and H. Ross 
are so much alike, why should we 
vote for you, when be has impor- 
tant qualities that you lack, such as 
honesty, integrity and no criminal 
record?" 

True. Bui H. Ross also has a 
major drawback, namely, stature, 
as measured in total feet above sea 
level. And it does not help that he 
apparently gets his hair cm for free 
at the School for Hyperactive Chil- 


By John Rockwell 

,V*w York Times Serna 


P ARIS — This year the French are looting back to 
their colonial past They are doing so in ficuou films 
and documentary films, in theaters and on teleyiaomm 
museums and magazines and newspapers. Sometimes they 
do it nostalgically, sometimes sexiiy, sometimes with 
painstaking seriousness. But no matter how they do it. 
they seem to obsess on their lost colonial role at a tiro 
when their place in the new Europe is bang debated. 

The most visible, literally and symbolically, of these 
colonial examinations are in four films. Jean- Jacques 
Annaud turned Marguerite Duras's 1984 novel “LA- 
mant” {“The LoveT), a barely 
veiled reminiscence of her own sex- 
ual coming of age in Indochina in 
the 1920s, into a steamily sexuaL 
commercially successful film that 
will open in the United States this 
fall 

Then there is Regis Wargnier’s 
ponderous Vietnam epic “In do- 
chine," with Catherine Deneuve 
promenading impassively through a 
sequence of lavish settings. The di- 
rector Bertrand Tavernier and the 
historian Patrick Rotman collabo- 
rated on "La Guerre Sans Nom” 

(“Tbe War Without a Name"), a 
four-hour documentary about the 
French struggle to retain control of 
Algeria, consisting largely of inter- 
views with veterans of that conflict 
And Pierre Schoendoerffer made 
“Dien Bien Phu," a re-creation of 
the battle in 1954 that signaled tbe 
end of France's colonial ambitions 
in Indochina and that set the stage 
for U. S. involvement in Vietnam. 

There is more: for months French 
television has been showing docu- 
mentary films, most of them touch- 
ing and riveting, of the Indochinese 
and Algerian conflicts. The Insti- 
tute of the Arab World in Paris bad 
a big photo exhibition on Algeria. 

Magazines like the weekly Eveae- 
roent du Jcudi had special issues Elaine (Catherine 
devoted to Algeria, whore the cease- 
fire was negotiated 30 years ago. There were even simulta- 
neous productions of tbe Algerian-born Albert Camus's 
play “Caligula” in Paris. The two, al the grand Com&lic 
Fran^aise and the rather less grand Theatre des Maihur- 
ins , were wildly different except in their evocations of 
unhinged power playing against a more or less explicit 
North African backdrop. 

France's doomed efrort to retain its imperial dreams 
dragged on for 16 years: in Indochina from 1946 to tbe 
brutal debacle of the siege of Dien Bien Phu in 1954, and 
in Algeria from 1954 to 1962. Unlike tbe Americans in 
Vietnam, the French fought their battles on territory they 
considered an integral part of their empire, in the case of 
Indochina, and of their actual country, in the case of 
Algeria. 

Whereas the American Vietnam War was fought on 
television and, in terms of protest, on the streets at home. 


dren With Power Hedge Trimmers. 
The result is that, when you see 


The result is that, when you see 
him, you are seized by the playful 
urge to get him in a headlock and 

■ ° i - _ . J J M 


give him a good-natured "noogie." 
just to let him know that you like 


him both as a person and as a 
billionaire. This could ISad to em- 
barrassing situations at summit 
conferences with other world lead- 
ers: 

H. ROSS PEROT: ... and so I 
am calling upon all of my fellow 
world leaders to . . . HEY! (noo- 
gienoogienoogie) C'MON YOU 
GUYS! (noogienoogienoogie) 
PUT ME DOWN! I noogienoo- 
gienoogie} NOT IN THE PUNCH 
BOWL!! 

□ 


You are saying, “Dave, I can see 
where you come out ahead of H. 
Ross in the stature department, but 
what about Family Values, mean- 
ing television?" 

On this issue. I agree 1 10 percent 
with Vice President In Certain Re- 
spects Dan Quayle. 1 am opposed 
to television. 1 never watch it. And 
of course 1 do not allow my chil- 
dren to watch television. 

“Children!" I am constantly tell- 
ing than. “Don't waste your mind 
on television! Do what I do! Read a 
book by a famous dead author such 
as Marcel Proust!" 

“You're not reading any Marcel 
Proust," they reply. “You’re watch- 
ing a slow-motion videotape of the 
‘Thighmaster’ commercial featur- 
ing Suzanne Somers. Also you have 
only one child." 

This is exactly the kind of break- 
down of respect for parental au- 
thority and Family Values that 
makes the vice president and me 
get so mad at television. This is why 
I am asking for your support, not 
just in the form of money, but also 
in the form of jewelry- Act now. 
while we still have some cabinet 
posts available. Thighmasier Gen- 
eral is taken. 


Knight-Ridder Newspapers 


the French battles were more clandestine. News from the him of prettifying W_g □ distorting realn 
front was tightly controlled, and it has been only through quences. be ^ lo misery and 

documentanes like Tavernier's that tbe French public has ty given dj jnjte anen . tQ ^ OWm 

learned something approaching tbe truth, which included suffering and the true bea ty Uke 


outright torture. 

Schoendoerffer's fictional re-creation of the 57-day 
siege of the northern Vietnamese stronghold of Dien Bien 
Phu is both eerily beautiful and starkly unsensatkmalistic. 
On the French side, 16.000 soldiers were involved in the 
battle; 4.000 lost their lives before the surrender, and 8,000 
of the renaming 1 2,000 died from their wounds, from the 
privations of a long march or in Vienninb confinement 
An estimated 10.000 Vietminh, the forerunners of the 


mm is a world away from 

Rambo. and may thus suffer m audience appeal. But it is 


remarkable personal testimony. , __ 

For months, “Dien Bien Ptoi 
Parisian theater, while “Indodune and LAmant were 


raliaKU* Uftu i wi — - . 

all over town. “Indochme" attests once agam to France s 


an over town, inuoum* -a - — - n 

love affair with Deneuve, who is called upon to pertray 


EE of but whostin ItataBtett 




mOUUCl VI ^ .. , .. rtf 

impeccably attired tour guide to the exotic landscapes or 
Southeast Asia. 

The real box-office hit this spring 
was Annaud’s “L’Amant,” and its 
not hard to see why: sex. Not since 
“Eminanuefle" in 1974, another sex- 
ual odyssey set in the steamy, 
dreamy Asian tropics, has a film so 
captivated tbe French public. Both 
depict young white girls discovering 
the thrill of sex amid exotic sur- 
roundings. , . 

“VAnmaC which just opened m 
Britain and which has been largely 
dismissed there as prurient trash, ar- 
rived wth the sort of controversies the 

French (and the English, whose tab- 
kids stirred up the fuss) love so wdL 
Fust, there was Duras, who has 
made films herself — protracted 


Judge to Mr. BladcueB: !, - n e • ’ 

Can’t You TakeaJohS j A- ‘ ■ " 

Mr. BlackwA the fashion : J 

flv was piqued whco Jotaw Cw* 5 • ^ 

sot jokiugty pot . 

Motte- Teresa on hts.hst of thMO , , 

woret-dressed women in the wold. ... 

But Los Angeles SupcnorCtjon . ^e* 0 **^ 

lodge Raymond Cardenas dis- . ,73 
SSdthrew out Blades ■ ;-! f A 

ill million lawsuita^m^Caram, ■. f I 

the former “Tomgbi .stowhost .yj j f/Jk[ i* 
The judge said Carson s joke was- . ~ \ fjl* 
harmless, no* defamatoty. . • . j ( 

pqi yiM Tramp and Meta Mfr . i ■ •" 

pies may (finally) be wed tips wn- } 1 • 

{^According to Mapk*ihe «»-■ - • ^ .... 

pie will be married during the first - ^ ts ... - . . . 

break, probably this wn^ftgj fjs j s 

Tier Broadway ddmt in The Wffl . j 

Rogers Follies." “Tve always want- - j ; 
ed a winter wedding,” she said. ■ . r 

□ ‘ i ' r .. - 


fad 


A replica of one of tbe best 
known bridges in tbe United States 


is being built in Boca Grande, Flor- 
ida. For its August ranting oT 
“Deathat ChappaqmddfcJc," Quest 
Productions is re-creating ' the. 
bridge, where Edwart Albert if, 
starring as Edwwd M. Komedy, 
will drive into the water. 





Joa-Mxw Lmjy/SjjKH 


Hainp (Catherine Deneuve) and her lover (Vincent Perez) in “Indodrine.' 


— and who early on dissodaioi her- 
self from Annaud's effort. She^even 
wrote a sequel to “L'Amant” — 
*T.’Amant de la Chine du Nord" 
(“The Lover From North China"), 
which is basically a film scenario of 
the first novel and hence her answer 
to Annaud. 

The other scandal involved the 
amoun t and quality of the sex in 
Annaud's Elm. The tabloids on both 
rides of the English Channel insisted 
that the sex was reaL Jane March, the 
1 8-year-old English actress who 


James A. Mfchener has pledged 
another $500,000 to Ae^ -James A. 
Mkhcoer Art Museum near.Phil^.- 
ddphia, which is seeing the work of 
26 artists, primarily landscape 
painters from earlier in ihe cenuny^ 
Among the writer’s favorites .are " 
Daniel Garber, Edward Red&eH f 
and M. EBzabeth Price; ‘This irai- T 
tqim should have been . started 


about 30 years agp,” Mkhcnersaid 
from bis Brunswick, Maine, home. 


Vietcong. also died, but Schoendoerffer concentrates on 
tbe French side of tbe conflict, of which he was a part. 

He was a survivor of tbe siege and the imprisonment, 
which lends his account an inescapable ring of truth. A 
volunteer photographer who arrived in Vietnam in 1951, 
he was parachuted into Dien Bien Phu three years later 
and was taken prisoner there. In his film, there is a fresh- 
faced yo ung photographer rather like himself. The role is 


played by his son Ludovic. 

“Dien Bien Phu” cost 524 million, used props that are 
cimnncmtlv a r curate in everv historical detail and em- 


supposedly accurate in every historical detail and em- 
ployed 26,000 extras, including French paratroop divi- 
sions and Vietnamese soldiers. The final sequence — in 
winch one sees the Vietnamese enemy for the first time — 
with its endless lines of prisoners trudging through the 
awesome landscape, is astonishing. 

Indeed, the entire film is visually astonishing. If one 
didn't know Schoendoerffer’s history, one could accuse 


1 1) denied that she and Tony Leung, 
the lead actor, actually made love. 

The sex in “L’ Arrant" may seem a little dogged and 
athletic, but the film has its moments. 

There are genuinely atmospheric evocations of budding 
sensuality; the first time the lovers touch hands; their 
retreat, protected from a raucous thoroughfare only by 
latticed shades that reduce light to musky suggestion but 
stilL amid the clatter of everyday life, make the most 
intimate moments seem like public display. Yet, the film 
also evokes the horror of colonial plantation life and the 
ultimate intrusion of tbe French presence. 


Whether aS these movies aod plays and exhibitions and 
articles will resolve anything about the French colonial 
experience remains to be seen. For every pained self- 
searcher like Tavernier or Schoendoerffer, there are others 
who, even under the guise of seriousness, prefer to wallow 
in nostalgia. ... 


The ex-MousketeerAmetteJRBB-.. 
iceBo, 49, says she has multiple, 
sclerosis, bur intends "to lick tins,” 

The sweetheart of Disney fans had 
kept the illness a secret for five; 
years. Fuzucdlo now walks .with*:, 
cane, but she's not bitter: Tw had. 

the perfect life. 1 was brought up in 
a fairy-tale world." . . •' 

The Chinese may now be able to i 
see the latest film. of their afr' 
claimed director, Zhang Yimou. 

His “Raise the Red Lantern," 
which was nominated for an Acad-J v: , 
any Award this year ."will be shown - 


Rabin l 


ir.r.K.: '- - 


to my films by Chinese audiences,' 


ANNOUNCEMENTS 


EDUCATION 


GOING ONCE, 
TWICE, SOLD!!! 


PAJBONSnUUS 
SCHOOL CF DESIGN 


INTERNATIONAL CLASSIFIED 


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INTERNATIONAL 
HERALD TRIBUNE 
TODAY 
PAGE 7 


ANNOUNCEMENTS 


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